Whether you’re looking to start investing in the property market or you already own a portfolio of properties, Orange Genie Accountancy’s experts can help you with bespoke advice fitting your specific situation.

If you want to invest in property

Before you start investing in the property market, you’ll want to know how this will affect your personal tax situation. You might also want to consider whether it’s better to invest personally or via your own Limited Company, and this will depend on your circumstances and goals.

We’ll look in detail at your specific circumstances, advise you on the best route and help you get there with specialist advice and support.

Filing your tax return

If you have income from rental properties in 2021/2022 you will need to file a self-assessment tax return. We can help you calculate, prepare and file this before the 31st January 2023 deadline.

Making Tax Digital Income Tax and Self-Assessment

As a landlord you’ve probably heard about MTD for ITSA (income tax and self-assessment) coming in from April 2024, but what is it and what does that mean for you?

Making Tax Digital is a long-term project that will eventually change how UK taxpayers and businesses interact with HMRC and pay their taxes. HMRC’s ambition is to “become one of the most digitally advanced tax administrations in the world” which means making fundamental changes to the way our tax system works.

MTD ITSA will apply to the self-employed and those with rental property businesses (landlords) with income of £10,000 per year or more from April 2024. Quarterly submissions will need to be submitted via digitally approved software and declare the business income and expenses to HMRC with a fifth and final submission after the tax yearend that includes any non-business information.

If your income from properties or self-employment is less that the £10,000 income threshold, you still might want to consider switching to keeping your records digitally as HMRC will roll this out to affect everyone in the future.

Digitally Approved Software

Orange Genie Accountancy have worked closely with FreeAgent for over 8 years now, we have taken our clients through the process of activating MTD for VAT using the FreeAgent software. We're confident that FreeAgent will continue to be the best accounting software for our small business clients in the MTD era.

You can sign up to FreeAgent for free when you have a Mettle, NatWest, RBS or Ulster bank account. It is highly recommended that you use a business bank account for your self-employed or rental income, to keep it separate from your personal day-to-day bank account.

Orange Genie Accountancy partner with Mettle bank and refer our clients to sign up to their business bank accounts. Mettle is 100% free, you can set up an account in minutes, and you’ll get support from real people when you need it.

We also work with several clients on Xero who provide accounting software for landlords to manage all sizes of portfolios. 

Orange Genie Accountancy can provide a solution

With our team of experienced, qualified, and knowledgeable accountants you’ll be saving tax and maximising your allowances and investments in no time.

We’ll work with you to get you ready for MTD ITSA 2024 and ensure you are working efficiently and digitally before the deadline and our Accountants can take the additional burden of quarterly filings from you to save your precious time from April 2024.

Self-assessment tax returns start from £199+VAT. If you refer a friend to have their self-assessment prepared by us, we’ll send you a £25 referral reward.

To find out more from Orange Genie Accountancy and get ahead of the game with filing for MTD ITSA, call 01296 468 185 and speak to one of our accountants