Coman & Co deal with anything that goes on a Tax Return, and offer a fixed fee for their service:
- For higher earning employees with tax code, benefits, company share options between £100 and £150 plus VAT
- Landlords with employment and some savings income: £250 plus VAT or £200 per person if jointly owned.
- Sole traders: between £150 and £250
Coman & Co also offer a quarterly bookkeeping service for £120 per annum and VAT Return preparation service £80 per annum. As a wholesaler of QuickBooks software, they can pass on this cost for £6 per month. Company prices are about £695 per annum including director’s Tax Return and payroll. They also offer a payroll service for small business and Capital gains tax Return within 30 days and Tax Return to include capital gains and principal private residence relief.
They also offer a letter of advice about setting a Trust or other arrangement for inheritance tax. They deal with anything else which does on a Tax return, residency issues, foreign income, partnership and different types of investment income. They can assist with forecasts of capital gains tax, calculation of available allowance for pension contributions and references for mortgage/ rent agreement applications. They can also deal with HMRC on behalf of their clients and deal with a range of HMRC enquiries.
Coman & Co have answered some common questions they get asked:
- Saving tax as a couple on rental income: There are certain tax benefits to being married. These include the transfer of assets between spouses for an amount that gives rise to neither a gain nor a loss, for capital gains tax and inheritance tax purposes.A married couple have only one principal private residence (PPR.) A PPR is the place that you both own and live in. Therefore, an unmarried couple could benefit from having two properties which benefit from PPR relief. However, given that PPR is determined on the facts, this technicality would not be of much use if and when a couple move into together.It is not tax efficient to be both a landlord and a tenant. It is tax efficient to be an owner occupier.
- Moving rental income into joint names without changing title with land registry: A tax saving would be achieved by having property income taxed in the hands of the spouse taxed at the lower marginal rate. A common procedure is to change beneficial ownership (while not changing legal ownership.) This could be achieved via a Deed of transfer from a solicitor. Forward the Deed to the accountant who will in turn send it onto HMRC.
- Recent changes that favour joint ownership: If a spouse rents out a former home, there used to be a pitfall with moving this not joint name prior to disposal. However since 6 April 2020 the transferee spouse acquired the deemed periods of occupation for the purpose of calculating principal private There is therefore a tax benefit through obtaining two lots of annual exemption by transferring previously owned property into joint names prior to disposal.
Coman & Co have dealt with numerous landlord scenarios for South London landlords and are happy to field queries from Clapham Mums for no charge. They are also offering Clapham Mums an exclusive 7.25% off published price.