In a group of accountants this week one asked if they should use losses brought forward on a client who is declaring under the let property campaign.
My answer is definitely YES! All landlords should declare their profits and Losses including those in the Let Property Campaign. The reason why?- Any losses left over can be carried forward against future profits, (except in certain types of lettings).
Miss it, miss out! Here is why…
I had a client about 8 years ago now where we created so many losses in the early years that she still doesn’t pay any tax on her rental property! Her income is over £10k per annum and yes she has other expenses as well but that initial work has saved her thousands!
My real concern is tax payers could be missing out here. If most accountants have not even heard about the Let property campaign why are they not looking to get expert advice on these matters from accountants like Marslands who actually specialise in the Amnesty. Why are they trying to go it alone as not only are there are many pitfalls in landlords accounts and tax but the the let property campaign has it own set of rules, forms etc
So No I do not believe all accountants are equal when it comes to the Let Property Campaign, would you rather your GP did your brain surgery or a Brain Surgeon?!