Although accounting and tax can be time-consuming and expensive, getting it right is important to ensure you’re making the most out of your property investment. In fact, accounting and tax errors can cause legal complications and profitability miscalculations.
That’s why, in this blog post, we break down the accounting and tax processes that owners of buy-to-let limited companies face and outline how you can streamline this process to scale your property investment.
When conducting accountancy and taxation for limited companies, you need to consider that limited companies are a separate legal entity from their shareholders and directors. This means that paying taxes and accounting for limited companies falls on the company itself rather than the owners of the company.
Limited companies incorporated specifically for property investment will frequently buy, sell, own and let properties. This means that they will need to understand the taxes and accounting related to these activities. At GetGround, we know this can often be expensive, time-consuming and limited to keeping your books in order without truly unlocking scalable growth for your investment. That’s why we’ve made our Accounting and Tax service, which comes with a whole host of additional features, available to all limited company owners even if they weren’t incorporated by us.
What does accounting and tax for landlords consist of?
When it comes to accounting and tax, landlords are faced with a long list of tasks they have to stay on top of:
- Preparing and filing annual accounts
- Storing documents
- Categorising expenses between shareholders
- Completing tax returns
- Conducting company compliance
- And so much more.
All these tasks can be incredibly tedious, that’s why landlords turn to accountancy services to free up time and let them focus on scaling their property investments.
What are the consequences of improper accounting?
With all the moving parts that surround accountancy, it’s easy for things to go wrong, resulting in possible legal issues, misunderstanding of profitability and incorrect tax deductions. This can happen through many different errors: from incorrectly categorising your expenses to a lack of account reconciliation, which will ultimately negatively impact your property investment journey.
How can GetGround improve your accounting and tax processes?
To tackle all these issues and create a streamlined accountancy process for landlords who own their properties in a limited company, GetGround Accounting and Tax services provide you with a dedicated account manager who takes care of all the accountancy for your buy-to-let limited company whilst giving you access to a whole range of features that can help you scale your property investment. This includes:
- Financial and portfolio analytics
- Continuous updates on the wider buy-to-let market
- Access to best-in-class company legal documents
- An easy-open UK business account.
Scaling your property investment with GetGround Accounting and Tax
At GetGround, we are committed to continuously making property investment easier which is why we’ve created an Accounting and Tax service that can help you scale. How exactly have we done this? By providing a digitalised experience on our streamlined platform where you can upload all your documents, collaborate with shareholders, access your business account and an investment Pot, and get dedicated support.
This is available to all limited company owners, even if it wasn’t incorporated by us. For as little as £29.00 / month (+VAT), you can get your accounting and tax returns done for you, as well as gain access to our all-in-one property investment platform and dedicated support to help you scale your portfolio. Switch over to GetGround Accounting and Tax now.
Disclaimer: this is for your information only – you shouldn't view this as legal advice, tax advice, investment advice, or any advice at all. While we've tried to make sure this information is accurate and up to date, things can change, so it shouldn't be viewed as totally comprehensive. GetGround always recommends you seek out independent advice before making any investment decisions.
Terranova.Network Ltd (trading as GetGround), 1 Lyric Square, Hammersmith, London, W6 0NB, United Kingdom, 020 4525 7714
