In this episode of Mark My Words, Mark speaks to his accountant, Chris Wilkins. Chris has been Mark’s accountant for 11 years now! Chris talks about property tax, HMRC enquries, property structuring, changes in corporation tax and more.

 

KEY TAKEAWAYS 

 
The thing that was right at the front of property people’s minds when Chris was last on the podcast was section 24. Now it has had a full effect, mortgage interest for a residential property is not deductible in your rental accounts, it’s a tax reducer. There are a lot of ramifications, especially for those who were on the cusp of the higher rate tax band and those with large portfolios who could easily be paying more in tax than they are making in profit.


Being in the know, or having an accountant in the know, around HMRC rules and regulations can save you a lot of time, hassle and money. HMRC frequently break their own rules and ask for things you technically don’t have to give them.


When buying a property (e.g in your name –vs- creating a limited company) it’s important to find out the tax implications, in both the short and the long term. It could make a significant difference in what you owe. 


There are many ways you can file accounts at companies house. You can find that something that you did 6 years ago, actually ends up saving you further down the line so you should always file with the future in mind.

 

BEST MOMENTS 

 

“he’s just an all-round, very clever guy who I have learnt loads from over the years”

 

“Business isn’t a regulated word”

 

“They can ask the questions, but you don’t have to answer it”

 

VALUABLE RESOURCES

https://www.youtube.com/user/progressivepropertyhttps://www.progressiveproperty.co.uk/the-progressive-co-founders/

 

ABOUT THE HOST

Mark has bought, sold or has managed around 1,000 property units for himself, Rob, his family and his investors since 2003. He is a system and spreadsheet geek and has developed a complex, confidential deal analyser system of buying residential, commercial and multi-let properties.

CONTACT METHOD

 

Email: Markhomer@progressiveproperty.co.uk

LinkedIn: https://www.linkedin.com/in/markhomer1

Facebook: https://www.facebook.com/markprogressive

Twitter: https://twitter.com/markprogressive

In this episode of Mark My Words, Mark speaks to his accountant, Chris Wilkins. Chris has been Mark&rsquo;s accountant for 11 years now! Chris talks about property tax, HMRC enquries, property structuring, changes in corporation tax and more.
&nbsp;
KEY TAKEAWAYS 
&nbsp;
<ul>
<li>The thing that was right at the front of property people&rsquo;s minds when Chris was last on the podcast was section 24. Now it has had a full effect, mortgage interest for a residential property is not deductible in your rental accounts, it&rsquo;s a tax reducer. There are a lot of ramifications, especially for those who were on the cusp of the higher rate tax band and those with large portfolios who could easily be paying more in tax than they are making in profit. </li>
<li>Being in the know, or having an accountant in the know, around HMRC rules and regulations can save you a lot of time, hassle and money. HMRC frequently break their own rules and ask for things you technically don&rsquo;t have to give them. </li>
<li>When buying a property (e.g in your name &ndash;vs- creating a limited company) it&rsquo;s important to find out the tax implications, in both the short and the long term. It could make a significant difference in what you owe. </li>
<li>There are many ways you can file accounts at companies house. You can find that something that you did 6 years ago, actually ends up saving you further down the line so you should always file with the future in mind.</li>
</ul>
&nbsp;
BEST MOMENTS 
&nbsp;
&ldquo;he&rsquo;s just an all-round, very clever guy who I have learnt loads from over the years&rdquo;
&nbsp;
&ldquo;Business isn&rsquo;t a regulated word&rdquo;
&nbsp;
&ldquo;They can ask the questions, but you don&rsquo;t have to answer it&rdquo;
&nbsp;
VALUABLE RESOURCES
<a href="https://www.youtube.com/user/progressiveproperty">https://www.youtube.com/user/progressiveproperty</a> <a href="https://www.progressiveproperty.co.uk/the-progressive-co-founders/">https://www.progressiveproperty.co.uk/the-progressive-co-founders/</a>
&nbsp;
ABOUT THE HOST
Mark has bought, sold or has managed around 1,000 property units for himself, Rob, his family and his investors since 2003. He is a system and spreadsheet geek and has developed a complex, confidential deal analyser system of buying residential, commercial and multi-let properties.
CONTACT METHOD
&nbsp;
Email: Markhomer@progressiveproperty.co.uk
LinkedIn: <a href="https://www.linkedin.com/in/markhomer1">https://www.linkedin.com/in/markhomer1</a>
Facebook: <a href="https://www.facebook.com/markprogressive">https://www.facebook.com/markprogressive</a>
Twitter: <a href="https://twitter.com/markprogressive">https://twitter.com/markprogressive</a>

Investing, business, finance &economics - Mark Homer has the experience to help you with many of your questions & challenges. Mark My Words is a successful, eccentric & introverted businessman’s experience of 20 years with no waffle, ads, bravado or big pitches. Mark will interview the worlds most successful business, finance & money experts as well as impart his knowledge in a factual, direct manner. Mark runs & owns multiple businesses & property portfolios so teaches you what he does on a daily basis. A contrarian investor & capitalist, Mark will help you raise more finance, make more money & grow your business empire.

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