Landlord Tax And Property Management Software

By Author: Kirthy Shetty
Total Articles: 2542
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‘Provision for tax liabilities' is a phrase that sends a shudder through the heart and soul of any businessman and businesswoman and without doubt the thought of calculating capital gains tax liabilities can fill even the hardiest and seasoned commercial landlord with feelings of horror and dread.   This is because calculating capital gains tax can be complicated and the rules can change in the United Kingdom from budget to budget.  The figures involved can be big and the consequences of getting the calculation wrong can be very costly indeed.  As with many aspects of business management today ready access to accurate figures can be the difference between being in control of the business or the business cash flow and tax liabilities being out of control.

Over recent years good software which can calculate capital gains tax liabilities has been introduced onto the market.  A good package used wisely and kept updated will put the landlord in control of this vital aspect of the property business. It is a very powerful piece of software kit that will allow complicated tax calculations to ...
... be completed in a matter of seconds.  All the landlord has to do is enter the data.  Before you invest in a product do your research and make sure that you invest in a product that is suitable for your type of property business and which, as well as being up to date, can deal effectively with calculations relating to previous tax years. 

A good capital gains tax calculator should have the following features as standard;

1.        It should provide ready access to the information that a landlord needs to calculate the capital gains tax liability for the business for the relevant period.  Ideally it should also include a feature offering savings tips.    
2.       It should be flexible and user friendly too.  A professional landlord needs to know what the bottom line is in terms of tax liabilities and so an easy to understand summary of the capital gains tax liability is a must.  The landlord will need to know too what figures lie behind the summary of liability and so the package should also show a detailed breakdown of each calculation.
3.       Look for a product that can deal with previous tax years. 
4.       Look for a product that can factor in UK capital gains tax reliefs and allowances.  The rules and reliefs can change and the landlord needs a product that is up to date and that he has confidence in.    
5.       As with all financial management software the landlord should look for a product which can forecast future commitments enabling budgets can be managed and timely tax planning decisions made.
6.        Look too for a product that is compatible with the software programmes you have already invested in and one which has post sales desktop or internet support. 
 
As a professional landlord you will sleep better knowing yours has these things covered.

Kirthy Shetty, Expert Author.
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