Mark and Helen live in Old Trafford and are both employees. Helen works part time. They decided to move to Altrincham due to their growing family. As they could not sell their existing house in Trafford they decided to rent the property out. A close family contact recommended Pickard & Co based locally in Sale.
At the free introductory meeting at our office in Sale, Manchester, we explained the different forms of rentals including Holiday lets, Furnished and Unfurnished residential lets. Importantly the Principal Private Residence issue was covered in detail. Advice was given on the use of letting agencies, the Government’s rental deposit scheme and void periods. Tax planning regarding mortgage allocation and ownership were covered and how rental property is taxed. Both Mark and Helen would need to submit a self assessment Tax Return (SATR).
Based on the family recommendation and the friendly nature of Pickard & Co, Mark and Helen decided to appoint Pickard & Co as their accountants.
After a few days, Mark and Helen returned to our office for the bookkeeping meeting. It was decided that a simple manual cash bookkeeping system was the most appropriate. During our meeting the whole process of record keeping was explained and demonstrated. Additionally, many tax issues were covered including PAYE/NI, Benefits in Kind (BIK), wills, Inheritance Tax, pensions, savings and family tax matters. After the bookkeeping meeting Mark and Helen were pleased to know that over the next six months Pickard & Co were readily available to help with any queries, a period that we call “hand holding”.