As we approach the end of the current tax year, it is a time when landlords should reflect on their property business and plan for the year ahead.
If I was to ask you the following question, what
would your answer be?
“Do you have an idea of how much tax you will be paying for profits made in the current tax year?”
Will the answer be:
a) No, I will find out when my accounts are done – probably in January next year. 🙂
b) I have a rough idea.
c) Yes! I know what both my profits are and what my tax liability will be.
Unfortunately, from feedback I get, the typical answer to the question from too many landlords is a).
This answer is very dangerous and can put landlords in a right pickle, especially if their
rental profits are much higher than what has been anticipated. The last thing you want to find out is that you have a tax bill that you can’t afford or will struggle to pay!
Remember: Forewarned is forearmed.
This is where our award winning ‘Landlords Property Manager’ software can help. It does all
the number crunching for you, tells you your profits and your tax liability too just by the
click of a button!
The only thing you need to do is enter your income and expenses!
Not surprisingly, the answer to my question by our Landlords Property Manager customers is c).
Take a look here at the short one-click tax report video demo that is produced from Landlords
Property Manager. I guarantee no other solution on the market will produce a more complete set of records:
>> www.propertyportfoliosoftware.co.uk/profit
You can also download a copy of a sample report here:
>> www.propertyportfoliosoftware.co.uk/str
Show this to your accountant (if you use one) and he’ll do one of two things:
– Get grumpy because you’ve slashed the amount you’ll be paying him and come up with some *excuse* to keep you paying his fees!
– Be delighted because he can focus more of his time on more interesting tax work (and probably earn more).
Either way, Landlords Property Manager is here to help you get better organised and boost your profits so you can do more.
This article is written by Amer Siddiq, founder of PropertyPortfolioSoftware.co.uk
Want more time and money saving tips for your property business?
Go here to get a free copy of Amer’s Landlords Insider Secrets Report.
