Landbay announced yesterday that it is to launch an accounting, reporting and tax compliance service to help landlords with their tax and regulatory landscape.
The specialist buy-to-let mortgage lender says that the new accounting platform has been developed in response to demand from a growing number of buy-to-let landlords who are looking to hold their properties within limited company special purpose vehicles (SPVs), and will carry a fixed annual fee of £750.
“The move into accounting services marks the first of a number of non-lending products and partnerships that Landbay will be introducing this year,” said Gray Stern, co-founder and CCO of Landbay. “Our goal is to become a one-stop-shop for brokers looking to stay at the forefront of this rapidly evolving market.”
To support the offer, Landbay has engaged a well-established accountancy firm as its preferred provider of accounting and tax compliance services.
In addition, Landbay will also offer its customers access to competitively-priced tax advice on transferring properties from an individual name into a company, income extraction, transfer of shares, and liquidating an SPV.
Paul Brett, 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.
“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 I’ve had 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.”