Diary of a Buy to Let Purchase Part 17 - If Carlsberg made tenants – shame the same can’t be said for the tax man

Being a landlady has really proved to be quite lovely. More than a year in and I have had no issues. If Carlsberg made tenants, they would probably have made mine.

I will admit it, I have been feeling pretty good about the whole thing.  Until last week when THE DREADED EMAIL arrived from Companies House, telling me that my accounts were due – in three weeks’ time. 

For those of you that have read this blog from the beginning, you may well recall my very nonchalant comment, that I would not be engaging an accountant for something as simple as my company.

Rent in, mortgage payment out, right?

How hard could preparing the accounts be?  I am now seriously regretting this statement! While nothing has changed in terms of what the company does, now I am faced with the prospect of having to actually do this, I am having a serious volte face. Kind of…

Most normal people would simply call an accountant. Let’s face it, August isn’t exactly tax return time so I should be able to find one with time on their hands. I know this is what I should do, but me being me, a stubborn old bag, I’ve decided that I am going to do this myself, mainly because I want to understand how it works and what’s involved.

Of course, I will be blogging again in a few weeks to let you know how it went – should be interesting.

In the meantime, please send gin...

 

Diary of a Buy to Let Purchase

Follow Jeni as she recounts her experiences of becoming a buy to let investor for the first time.

Part 1 - It was that or a Range Rover

Part 2 - I've made £800 already and I haven't got the mortgage yet

Part 3 - The demise of Nathaniel Pig

Part 4 - Call off the dogs...

Part 5 - @***** bank account

Part 6 - Business bank account interview or Center Parcs?

Part 7 - Reality bites...

Part 8 - The method behind the madness

Part 9 - Join me in a buy to let fist pump?!

Part 10 - The silence is deafening  

Part 11 - Throwing toys out of prams

Part 12 - Stuck with the Mini... for now

Part 13 - Time is running out

Part 14 - The end of my sad little tale...

Part 15 - Just call me Peggy

Part 16 - A year on my buy to let portfolio grows by default

 

You may also be interested in:

Setting up an SPV Limited Company 
Buy to let lenders which offer mortgages to limited companies usually require the limited company to be an SPV (Special Purpose Vehicle). Jeni explains what one is and how to get one.

Stamp Duty FAQs
Jeni answers the most commonly asked questions around SDLT - including information on mixed use properties and non-residential Stamp Duty rates.

How to maximise borrowing and remortgage your buy to let within 6 months of purchase
It can be difficult for landlords to remortgage within six months of purchase let alone maximise borrowing, so it’s refreshing to see that Keystone will lend more than most in these scenarios.

Residential Stamp Duty Calculator

Non-residential Stamp Duty Calculator

 

Author