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Openwork offers BTL tax advice service to advisers

  • 30/06/2017
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Openwork offers BTL tax advice service to advisers
Openwork has appointed Landlord Support Services (LSS) to its provider panel to support advisers in the raft of taxation changes, including the portfolio landlord assessment from 1 October already impacting the industry.

LSS has been created specifically to deliver swift, online access to professional tax structure advice for landlord clients.

The LSS service starts with the completion and submission of a secured online questionnaire. Within 24 hours the client is contacted directly by a professional tax adviser to understand their circumstances in more detail. Both the client and adviser then receive the formal tax advice recommendation letter within 48 hours. Each letter includes a summary of the client’s future and planned circumstances, as well as a formal, indemnified conclusion as to the optimum tax structure for that client.

Paul Shearman (pictured), mortgage proposition director at Openwork, said: “The tax structure advisory service for landlords offered via LSS’s panel is welcome and timely. The myriad of recent and incoming tax changes that directly impact every new and existing landlord means the need for independent, professional tax advice has never been more important than it is now. Crucially, there are no simple rules of thumb in this area, as the circumstances of every client are unique.”

Shearman said after due-diligence, Openwork has been reassured by the quality, size and professionalism of the LSS service. He added, advisers need to be mindful of not inadvertently giving their clients tax advice in this area – for all sorts of obvious reasons.

“The LSS service means they won’t be in any danger of doing so,” he said.

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