A product helping limited company landlords file their tax returns has launched from fintech firm Taxd.
The platform costs landlords £299, while it uses a jargon-free form requiring simple information like income and expenses to help them file.
As long as landlords have their income, expenses and completion statements from their property purchase, Taxd can help them file. It flags areas where landlords can save on their taxes by claiming expenses and receives final checks from a human.
Arj Kumar, Taxd co-founder, said: “In our conversations with landlords, many have expressed concerns with the current policies which limit their ability to generate profit.
“Previously, expensive accountants have been a painful necessity but now, technology backed by human expertise is giving landlords more freedom and opportunity to reduce their outgoings.”
Approximately 400,000 landlords now hold their properties in limited companies, a sharp rise driven primarily by tax changes since 2021, when full mortgage interest relief was scrapped.
Soon, Taxd will even offer an AI tool for landlords to calculate their profit and loss using their bank statement alone.
The company is run by ex-PwC accountants and landlords will have the option to speak to a chartered accountant to answer questions as needed.
The Taxd team started with the Self Assessment for personal tax after being founded four years ago.
Landlords were a large part of their customer base and expressed frustrations with the cost of company filing and the impact on their profits. To cater specifically to this market, the team applied their existing framework to this problem.
Eamon Shahir, Taxd co-founder, said: “We are confident that this product will be a game-changer for landlords looking to get more from their investments.
“Although the step to stop using traditional accountants is daunting for some, the simplicity of our systems, affordability and speed of the returns have led to huge demand for the creation of this product’ said. “
