Accountants for Estate agents

Accountants for estate agents

What are the filing dates for estate agents? 

While going about their work, estate agents have to file their taxes. Sole estate agents have to file by 31st of January. On the other hand, estate agent companies have to make the filing 9 months after the period of accounting is over.

This is an important part of the job for estate agents. It is just as crucial as assessing the condition of a property, making comparisons and getting the best prices for their clients.

What are the allowable expenses?

While filing their taxes, there are some allowable expenses that estate agents can enjoy. These are essentially tax benefits. Building repair costs are allowable expenses.

Furthermore, general maintenance is also an allowable expense. If you pay the water, gas, council tax and electricity yourself as the estate agent, then they are allowable expenses.

Any insurance cover that you may have is an allowable expense too. In addition to that, the charges for services such as gardening, cleaning and renting grounds are allowable expenses. The fees involved in property management and agency are also allowable.

What type of accountancy services will estate agents need? 

To keep track of their expenses, estate agents need some accountancy services. If the estate agent is a limited company, they will need payroll, accounts, self assessment, vat and directors return accountancy. On the other hand, if the estate agent is self employed, then they will need tax return accountancy as well as accounts maintenance services too.

Estate agents should hire accountants so as to ensure that all finances and responsibilities stay on track. Accountants also help with the confusing task of filing taxes. Furthermore, professional accountants for estate agents can help you to make sound financial decisions such as where and when to invest.

Choosing an online accountant ?

Today, you can procure the services of an online accountant. Thanks to the Internet, these professionals can now deliver their services right to you as long as you have a computer system and a comfortable connection. There are literally thousands of these accountants online.

How can you find the right one for your business? The first step is to do a Google search and then check their reviews. Good online accountants have positive reviews from their past clients and also from peers in the industry. Also, check their credentials to see if they are part of a recognized professional accountancy body. This adds credibility to their services.

Choosing the right Accountants in London or Manchester? 

London is a big city with many accountants for estate agents. How can you choose the right one for you? Begin with identifying what sort of accountancy service suits your company the best.

You can hire the services of an accountant who has a practice located close to your professional office. Alternatively, you can hire an accountant who provides their services through the Internet.

Pick the type that fits your enterprise the best. During this process, ensure that you go for a Chartered Accountant. This shows that they are highly qualified and regulated by a professional body.

Furthermore, you should choose an accountant who has the expertise which you desire in your business. For example, if you work in the real estate sector, the accountant who you choose should have knowledge about properties and practices in this industry.

What are the 4 accounting records an estate agency should keep?

Sales invoices, purchases, expenses and all bank accounts statements including clients. 

Is commission taxed in the UK?

Yes when this fits into the badges of trade, this is considered taxable.

Do estate agents pay VAT?

If you are above the mandatory threshold of £85K (2022), you must charge and show fees with vat.

This must be included with the wording VAT inclusive. 

GM Professional accountants have offices located in London , Manchester and Essex

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