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Landbay launches accounting, reporting and tax compliance service for landlords

by: Edward Murray
  • 26/06/2017
  • 0
Landbay launches accounting, reporting and tax compliance service for landlords
Specialist buy-to-let lender Landbay has teamed up with a ‘Big Four’ professional services firm to offer an accounting, reporting and tax compliance service to landlords, as they cope with the ever-changing tax and regulatory landscape.

Landbay will charge a fixed annual fee of £750 for the new service that comes on the back of increased demand from property investors exploring the use of limited company special purpose vehicles.

In Q4 last year, the Mortgages for Business’ Limited Company Buy to Let Index reported that 69% of all buy-to-let mortgage applications were made by limited companies, up from 63% in Q3.

Prior to former Chancellor George Osborne announcing changes to the tax relief available on mortgage interest, the percentage of mortgage applications made by limited companies had stood at just 21%.

Paul Brett (pictured), managing director intermediaries at Landbay, said: “Landlords have been hit by a wave of tax and regulatory changes through 2016/17, and brokers have had to upskill quickly to keep up.”

He added: “From discussions I have had with intermediaries it is clear that tax and compliance is an area where specialist advice is urgently needed, so we are connecting the dots to offer access to competitively-priced professional expertise.”

Further changes will hit the buy-to-let market later this year with new rules, taking effect on 30 September, requiring all lenders to use additional affordability tests on landlords with a portfolio containing four or more mortgaged properties.

Gray Stern, co-founder & CCO of Landbay, concluded: “The move into accounting services marks the first of a number of non-lending products and partnerships that Landbay will be introducing this year.

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