Why we work with RITA 4 Rent

Company details

Web: www.rita4rent.co.uk

Telephone number: 0800 1 22 33 57

Email: clients@rita4rent.co.uk

Checklist: Investing via a limited company

I first met RITA4Rent when chairing a lettings conference and they were first people to actual explain in a way I understood the impact of the mortgage interest relief changes for landlords. They give their time generously to us so we can answer your questions for free, thanks to their support for our checklists, our new Buy to Let Show and help me answer Q&As on LBC.

Anyone investing now or planning to invest in the future should speak to a company like RITA4Rent beforehand to be clear of the impact of adding property to current wealth.

What do they do

RITA4Rent Limited are specialists in property tax, offering services in all areas, including capital gains, inheritance and HMRC’s Let Property Campaign, advice about multiple property portfolios and completion of self-assessment tax returns. They can also help landlords who hold property in a limited company, as well as offer advice on whether this is the best way of owning property according to a landlord’s individual circumstances.  With clients ranging from one-property starters to large portfolio landlords, RITA4Rent are dedicated to working with landlords to order their taxes in the most efficient manner.  As well as being partners of Residential Landlords Association and the Property Tribes, RITA4Rent have also been featured in numerous media outlets.

From the beginning

RITA4Rent began life in 2013 to support landlords with past undeclared rental profits, working with them to achieve the best results moving forward. As time developed, RITA has grown significantly and now offer a full property tax service to a variety of landlords at differing stages of their property journey, advising on income tax, capital gains tax and inheritance tax, while planning strategically for the future. Their ethos is to achieve the fine line between maximising wealth and minimising tax.

How much does it cost?

Self assessment tax returns normally start around the £200+VAT level, and one-off advice costs £150+VAT per hour.

Awards

1. Sole recommended tax advisers of the Residential Landlords Association

2. Sole recommended tax advisers of Property Tribes

3. Contributed to articles and/or featured in:

• The Times

• The Telegraph

• The Guardian

• The Evening Standard

• The Daily Mail

• Letting Agent Today

• Landlord Today

• Property Industry Eye

• Money Wise

• Accountancy Age

• Simply Business

• Northwood Letting Agents

• Endsleigh Insurance

• Aldermore Bank

• Upad

• Chartered Institute of Housing

• Landlord Investor

• The Online Letting Agents

• No Agent

Top three tips

1. It is always tempting to complete your own tax affairs and save paying an adviser. However, your adviser is not just there to fill in forms. They should be advising you how to be as efficient as possible, and confirming whether there are any further claims which could be applicable to you. They should be minimising the chance of error and ensuring deadlines are not missed. They will ensure you navigate your way through the jargon and will be staying on top of the ever-changing tax rules through their CPD commitments. They should also be dealing with HMRC on your behalf, which will also minimise your stress levels! DIY may seem cost-effective in the short term, but obtaining strategic advice from a property tax expert can be more effective in the long term.

2. It is always important to consider your overall tax position. You may be tempted to claim everything you are allowed to do, to decrease your personal tax liability. However this tends to focus on your short-term position. A property tax adviser should look at your overall long term position. For instance, if you plan to expand your portfolio, your mortgage lender may wish to see a certain level of reported income, so it may be more beneficial not to claim all the allowances available and ascertain the most efficient route forward.

3. There is an old adage: “Don't let the tax tail wag the investment dog.” This is crucial and, as part of RITA4Rent’s ethos, it is about making the right decisions for the right reasons. No two taxpayers’ circumstances are the same, and there is no one-size-fits-all solution for you. It is important to review your position now, ascertain your future goals, and then map the way there in the most strategic manner. There will be tax changes along the way, and it is therefore important to work with your adviser to learn, change and adapt, to ensure your goals are achieved.