Member Since: 8th Dec 2000
Author of the best selling 'Understanding and Paying Less Property Tax for Dummies'
Yardleystar is a specialist property rental income tax service for income tax on rental profits and capital gains tax advice for buy to let landlords and holiday lets in the UK or overseas.
28th Oct 2013
There's a lot of smokescreen here - I always thought tax followed ownership of an asset and if the brother is the beneficial owner regardless of any personal arrangements the tax stays with him.
The key question that would decide this is if the flat was sold, who would pay the cgt?
Whoever that is is the owner and should declare the rental profits
31st Mar 2011
Turn it upside down
Just turn the monitor upside down
18th Jan 2011
Perhaps you ought to run the software against your business to highlight your issues - expect the £705 per month outlay will come back as one!
15th Dec 2010
Check it out
Why don't you ask your bank?
9th Dec 2010
I want it and I want it now
Kindle is the latest gadget to offer instant gratification as you can pick and download a book in literally seconds
The only issue with the Kindle and other ebook gadgets is change.
Ebooks are here to stay - go out and try buying a vinyl record, photographic equipment for a darkroom or video tapes
Cost is an issue because the makers are recovering r&d - look at how much a dvd player costs now in comparison with a few years ago.
Kindle seems the way to go - the world's largest bookshop linked with one of the cheapest and most accessible gadgets will beat the 'cool' of iPad.
I write and publish - next year Google Books comes online with a generic format that will fit Kindle. They want small specialist publishers and authors to sign up to broaden the base. I think music companies and publishing houses who dictate the markets and price are already deadmen walking.
Personally, I have problems with iTunes and the like because of digital licences that make my life difficult when I want to share or listen to music across different devices.
The marketing aim is to lock users in to a device like Apple and Microsoft continually try to do - as users we should support any move we can to break this grip on our wallets.
12th Nov 2010
No incorporation relief
This article eloquently explains why incorporation relief won't apply to a property investment business - http://www.taxation.co.uk/taxation/articles/2007/11/08/5597/its-my-business
The arguments are pretty much as valid now as they were then - and if you read down, there is a section on incorporation
And don't forget the hidden cost of stamp duty on a linked transaction as mentioned above.
All a management company does is add an extra layer of administration and cost between the investor and the property income without resolving any tax issues.
Section 271 Income Tax (Taxation of Other Income) Act 2005 clearly states that the person receiving or entitled to the profits pays the tax - and acting as your own letting agent doesn't change that.
What the client ought to be doing is not looking at artificial contrivances to save tax but perhaps would be better off considering shifting the equity parameters around inside the business - obviously more details are required, but if he/she is married for instance, cgt exempt transfers are available to share the tax burden, a review of expenses to look at additional claims may ratchet tax down a little and leveraging equity to increase mortgage interest payments might be worthwhile.
12th Nov 2010
Problem with these formulas
The problem with all these formulas is they all need manual updating when the VAT rate changes.
Not only that, but variable rates might apply.
To get round this, you need a table somewhere in your workbook with two columns -
Rate_name - ie Standard, Exempt, Zero etc
Rate - 17.5%, 20% 0% etc
Then, define a name for the table
Insert a column for VAT RATe in to your spreadsheet and then use data validation to point at the source List >
="<your table name>"
This will populate a dropdown box in your worksheet that will allow the user to select the VAT rate for the transaction.
Then in your formula refer to the VAT Rate cell in the transaction row ie c6 or whatever
This way, when VAT rates change, you only have to update one value in one worksheet rather than tempt fate by updating hundreds of cells across several worksheets
BTW - this is a quick answer not a precise tutorial
4th Nov 2010
I'll mention mailing lists....
I write a blog for a client linked to their client database, which is a 'clean' opt-in email list.
Each article in the blog is sent out to the mailing list as part of a digest ie the title and first sentence links back to the web site and each article is written around a news article or service the client provides.
Each article is tracked to see if it is opened, read and clicked back to the web site.
On average each article is read more than 500 times. Some, like the emergency budget synopsis, are read 5,000 times. The traffic to the web site has propelled the site up Google rankings and generates a large number of business inquiries from new and existing customers.
Tracking means we can tailor articles to the topics the audience want to read and link them to information about products and services they want to buy.
If you want to see the model in action...try visiting accountingweb lol
Marketing really comes down to the type of business owner - a lifestyle self-employed accountant looking to fund spending and retirement probably doesn't need to embrace modern marketing. There's no right and wrong, just different.
1st Nov 2010
Why not try a marketing joint venture rather than reinvent the w
I don't think a business that doesn't have a web site should be slated as not serious about marketing.
Online marketing works for some but not others - just as networking, yellow pages or referrals works for some but not all.
And the comments about online marketing not working for local firms is a good point that many miss - web sites are not a 'build and they will come' phenomenon and users often want a local solution that doesn't provide enough traffic to justify a full-blown accountancy and tax service web site..
The solution here is one we are working on - a lead generation site for accountants who can log in and 'buy' potential clients for a set fee on a first-come first-served basis. Perhaps small firms collaborating on marketing and sharing the spoils, so to speak, is a better model than reinventing an expensive wheel for each practise.
This way, a firm can buy leads in a specific post code area and set a marketing budget rather than spend cash on a shiny web site that doesn't produce results.
Any takers want to express an interest - and this is my market research not a plug, but then I suppose anyone selling a service who responds to a question online is promoting their product :)
1st Nov 2010
Outsourcing and online marketing for accountants
The secret of online marketing is linking your web content, be it a blog, article or other material, to search engine keywords. Text should contain a smattering of keywords to hook searches.
The principle is that you want your site to come back on the first page of a Google search when a user types in "accountant Milton keynes' or the like.
So your text should mention words like 'accountant', 'business tax', 'VAT', "partnership accounts' and 'Milton Keynes'.
Blogs and pages should match services - so a page for payroll would have PAYE keywords etc
To rank high on searches, you need to have regularly updated, topical and relevant content that the search engine recognises as useful to the searcher. Effective keyword content posted regularly will push your web site up the page rankings and attract Google traffic.
Don't worry about the technical stuff - that's why people outsource their tax to accountants - so they don't have to learn it and do it themselves! It's cheaper and more effective for accountants to outsource their marketing to other professionals in the same way.
After all, we might enjoy tinkering with cars, but we don't all have the knowledge and equipment to build one from scratch.
Feel free to mail me your requirements and I can help you put together a strategy and supply the blogs.
These would be unique, which is important for search engine optimisation for your web site.
I am not in to a heavy sales pitch - just explain what you want to achieve and I'll tell you whether we can take you there, and if we can, how and the likely cost.
I can also provide other content like articles, how-to's - in fact anything from a scratch-built site to full-blown newspapers/magazines. I have lots of samples from financial services, accountants, mortgage brokers and landlord web sites.
I design, write and manage web sites for small businesses full time.
For your information, I am a professional writer, print/web designer and best selling tax author with an accountancy background.
Mail me at [email protected]