Landbay launches accounting service for landlords
PEER-TO-PEER lender Landbay has launched an accounting, reporting and tax compliance service to help landlords on its buy-to-let platform.
Working with an unnamed Big Four accountancy firm, users will have access to tax advice on transferring properties from an individual name into a company, income extraction, transfer of shares, and liquidating a special purpose vehicle.
The service comes with an annual fee of £750 and comes as a growing number of property investors seek to hold their properties within limited company special purpose vehicles (SPVs), seen by some as more tax-efficient.
“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,” Paul Brett, managing director for intermediaries at Landbay, said.
“As a specialist lender, we want to make this transition as straightforward as possible for brokers and their customers, which is why this service is such an important one for us as a lender.
“From discussions with intermediaries it is clear that tax and compliance is an area where specialist advice is urgently needed, so we’re connecting the dots to offer access to competitively-priced professional expertise.”
Gray Stern, co-founder of Landbay, said this would be the first of a number of non-lending products and partnerships that Landbay will be introducing this year.
“Our goal is to become a one-stop-shop for brokers looking to stay at the forefront of this rapidly evolving market,” he said.