PROPERTY: 6 Top Tax Tips with Sean the Property Tax Accountant - Part 1 - The Property Nomads

PROPERTY: 6 Top Tax Tips with Sean the Property Tax Accountant - Part 1

In this episode, Rob sits down to talk to Sean - The Property Tax Accountant. He is a chartered accountant with 20 years of experience. Sean specialises in providing advice to landlords, property flippers, those following a BRRRR model, and holiday let or serviced accommodation owners. His is a digital business, so he can advise people across the world and is himself a property investor.

The tax tips he shares in this podcast are laser-focused and based on experience and up-to-date information on how the legislation is applied in the real world. He covers some of the less common taxes, the ones that catch people out. As well as, capital allowances.

KEY TAKEAWAYS

When it comes to tax matters investors and business owners need to start with the end goal in mind. Why is explained in the podcast.
The tips are purely educational. Before applying them, business owners should seek individual advice that is tailored to their specific circumstances.
Keep a complete record of all financial transactions from the start. It is the best way to avoid being seen as a tax evader by HMRC.
Track the performance of each property throughout the year. To do this you need up-to-date accounts.
Set up a separate bank account for your business.
Use a proper system to keep your books. In the podcast, Sean recommends one.
Pay the VAT. Sean explains why this is so important, in the podcast.
There are many allowances that property business owners can take advantage of some of which Sean talks about, in the podcast.
Think about who owns the company, sometimes adding spouses, even children as shareholders have benefits. But there are pitfalls too.
A little knowledge is dangerous, so put together a team of experts from the start. Mortgage experts, property accountants, and solicitors.
Don´t appoint a generalist accountant or a cut-price one. Usually, it turns out to be a false economy.
If the advice you are hearing does not sound right, ask questions. Don´t be afraid to challenge your experts.

BEST MOMENTS

‘The purpose of the tips is to enable you to make great decisions at the right time, based on reliable data.’

‘Skip the discount and pay VAT… it´s tax evasion.’

‘HMRC does not accept ignorance or naivety as a valid excuse.’

‘The beauty about paying a salary from your company is that salary then potentially becomes tax-deductible.’

ABOUT THE HOST

Rob Smallbone the host of The Property Nomads Podcast, is on a global mission to guide your success. Success can happen in many ways, shapes, and forms. Think about what success means to you. More properties? More clients? Financial freedom? Time freedom?

Rob wants to make a huge difference to people around the world. He is here to guide your success in property, business, and life and to inspire you to achieve your goals, dreams, and visions. He's travelled, explored, and invested. And he's not planning on stopping these activities anytime soon.

Buckle up, sit tight, and enjoy the ride that is life.

EPISODE RESOURCES

Sean The Property Accountant

Instagram: https://www.instagram.com/property_tax_accountant_uk/

Website: https://propertytaxaccountant.uk/

BOOKS

Buy To Let: How to Get Started = https://amzn.to/3genjle
101 Top Property Tips = https://amzn.to/2NxuAQL

WEBSITE

www.tpnpodcast.com

SHOP

www.tpnpodcast.com/shop

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