Property Tax

Most of us eventually, if not already, will be subject to some form of property tax. How we plan for this can be critical. However even just saying the word tax, puts many people off!

But remember tax can often be your biggest cost!

Is no point successfully buying a property, under market value, or yielding a high amount and then paying a large amount of property tax.

So having a good accountant is key. How would I define a good accountant??

- Easily contactable by phone or email. For me this is key - as I find I have new ideas/questions pretty regularly and rather than having to make appointments to see my accountnant, can just send him a quick email and get question answered the same day.

- Understands what you need him for ie if you are a property investor, he understands the best ways to structure - whether you do buy to lets, buy to sells or a combination of the two. Even better if he is a property investor himself as should fully understand the accounting lawas relevant to you.

- Cost efficient So not necessarily the cheapest out there - but one that gives best service for the money.

I switched accountants at start of 2005 - as felt I needed someone that was more contactable, and understood property investment more than my last accountant.

When I asked for recommendations - was given a couple of names, and after emailing both I settled for one - who I have been very happy with. Not sure he would say the same - as I probably still email him too often, but he has been very patient with me, and ensured I am fully set up correctly. He also manages all my business accounts. My recommendation?

Steve Sims of Yardleystar - he regulary answers questions on a couple of property forums - and is a property investor himself.

Am delighted to say Steve has agreed to have a 15 minute free consultation with any of my subscribers.

To find out if Steve could help you save money, and at least get you set up effectively - so is no mad panic at the end of the tax year, email him at enquiries@yardleystar.co.uk with your specific situation, and he will analyse this information and give recommendations.

Whoever you use, make sure you do stay on top of your paperwork and have a clear idea of what tax you will be liable for, and how you can legally reduce your tax liability.

And remember if you want to get initial advice, email Steve at enquiries@yardleystar.co.uk to discuss your personal situation.

Other good sources online are:

Taxbuddies

FREE tax health check - 1 in 3 people are due a tax refund, over £60 million secured to date. Self assessment only £85 (after £10 online discount), self employed, just £159. Check them out for the best value tax services in the UK, click on link below for more information.

Also check out my tips on property investment strategies, and the best books/courses!

Check out my overseas property tips!!