"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"
Openwork’s introduction of the LSS portal follows the raft of tax changes introduced over the past year and the need for landlords to seek and take professional tax advice regarding the optimum structure in which to hold their BTL properties going forwards.
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. The adviser can then continue to give the appropriate BTL finance advice with confidence.
Paul Shearman, 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.
"We have undertaken extensive diligence on LSS’s panel and are reassured by their quality, size and professionalism. The LSS portal offers an effective and reliable service that we encourage Openwork advisers to recommend whenever the need is identified for professional tax advice that cannot be provided by the client’s own sources. Advisers need to be mindful of not inadvertently giving their clients tax advice in this area - for all sorts of obvious reasons – and when utilised, the LSS service means they won’t be in any danger of doing so.”
