Landbay is to launch an accounting, reporting and tax compliance service to help landlords with their tax and regulatory landscape.
The lender says the service has been developed in response to demand from a growing number of property investors who are looking to hold their properties within limited company special purpose vehicles (SPVs), and will carry a fixed annual fee of £750.
To support the offer Landbay has engaged a major accountancy firm as its preferred provider of accounting and tax compliance services.
Landbay will also offer its customers access to 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 of 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.”
Gray Stern, Landbay’s chief operating officer of Landbay, added: “The move into accounting services marks 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.”
