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Accounting and MTD for private individuals

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    Accounting and MTD for private individuals

    After 26 years of contracting, I took a permanent job earlier this year and am in the process of closing down the company. My wife and I own several rental properties personally, i.e. not via any company.

    In the past the company accountant always did our personal tax returns, including the rental income. Once the company is closed down I'll be looking for a more cost-effective way to do our tax returns. One fly in the ointment is that landlord income is due to switch to digital submissions before too long (MTD), like VAT did.

    Being a cheapskate I found a very helpful website which offered a free portal for VAT MTD submissions for the company. But I can't find anything similar for the landlord stuff and I'm sure that personal tax returns will be going that way before too long as well, so I think I'll need to bite the bullet and actually pay for some kind of software which will handle all personal tax calculations and submissions for us including the landlord MTD stuff.

    I'd prefer not to pay stupid amounts since I can work most or all of it out myself, but on the other hand I'm willing to pay for the convenience of having a package that saves me that effort and does the necessary submissions to HMRC. Does anyone have any recommendations? And any crafty ways of getting it at a reduced or bundled cost?

    TIA

    #2
    you wouldn't have to pay stupid amounts for an accountant. It's gonna be less than for a LTD company.
    So talk to one. Life's too short to have to be an accountant as well.
    See You Next Tuesday

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      #3
      Originally posted by Lance View Post
      you wouldn't have to pay stupid amounts for an accountant. It's gonna be less than for a LTD company.
      So talk to one. Life's too short to have to be an accountant as well.
      To be fair it's a decent question I think. I've wondered what to do about my BTL's if I stop with the LTD/accountant. My assumption is I'll have stopped with the LTD to slow down and relax so little giving me more time to do it myself. Good point about the accountant, you know I fully agree with this but surely not everyone in the world with a BTL has an accountant so there must be a simple way to do it. I'd be interested to see how other people with accountants do it.

      The answer could be my existing accountant will give me a vastly reduced cost and I carry on not worrying about it of course but I'm not there yet to investigate the costs etc. So interested to see what others will/have done.
      'CUK forum personality of 2011 - Winner - Yes really!!!!

      Comment


        #4
        Originally posted by northernladuk View Post

        To be fair it's a decent question I think. I've wondered what to do about my BTL's if I stop with the LTD/accountant. My assumption is I'll have stopped with the LTD to slow down and relax so little giving me more time to do it myself. Good point about the accountant, you know I fully agree with this but surely not everyone in the world with a BTL has an accountant so there must be a simple way to do it. I'd be interested to see how other people with accountants do it.

        The answer could be my existing accountant will give me a vastly reduced cost and I carry on not worrying about it of course but I'm not there yet to investigate the costs etc. So interested to see what others will/have done.
        If it was just one BTL then yeah. DIY it.
        But OPs case is "several"... That's a lot of annoying receipts, rentals paid, deposits, maintenance.
        OK several might just be 2 and OP is swinging it around like some do on here.

        Or several might mean "more than I can recall directly off the top of my head".

        I suspect it's 3, 4 or 5. And I wouldn't DIY that.
        See You Next Tuesday

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