Setting the stage for a successful working relationship, client onboarding is one of the most crucial aspects of bookkeeping. Despite the importance, outdated onboarding methods like paper signatures, email ping-pong, and manual approvals are often time-consuming and prone to errors.
FigsFlow’s engagement letter software for bookkeepers is transforming the way bookkeepers are onboarding their clients. It is doing this by making the process easier, more efficient, and ensuring compliance with every step. Through the automation and digitisation of client agreements, bookkeepers are now able to provide a seamless onboarding experience to the clients without compromising on providing excellent financial services.
Automating the Engagement Letter Process
Bookkeepers spend hours of their time in preparing, revising, and signing the engagement letter software. FigsFlow spares this hassle and time by offering its users pre-built templates that include legally compliant terms as well as bespoke ones.
Bookkeepers are able to create customised agreements with just a few clicks, and that reduces administrative loads as well as decreases the chances of errors. Through automated workflows, the letters get sent out, read, and signed electronically, and that reduces the otherwise tedious and lengthy onboarding process substantially.
Improving Client Experience
An effortless onboarding experience builds trust and sets the business relationship up for success. With FigsFlow’s user-friendly interface, clients can review and sign their engagement letters on any device, thus skipping the usual delays that come with physical paperwork or lengthy email chains.
Automatic reminders and real-time alerts ensure that clients complete their onboarding procedures timely and without delay. This level of convenience helps with improved client satisfaction and also provides bookkeepers with a professional first impression.
Ensuring Compliance and Accuracy
Engagement letters are binding contracts, and inconsistency or mistakes will lead to conflict or compliance problems. FigsFlow provides bookkeepers with an organised approach to handling engagement letters. FigsFlow’s solution provides bookkeepers with a systematic approach to handling engagement letters such that the agreements are regulatory compliant and industry compliant.
Version history and electronic audit trails provide an additional level of security with the traceability of changes, viewing of prior agreements, and full transparency in the client engagements.
Centralised Document Management
Hand-managed engagement letters tend to most often result in missing files or a lack of access to prior agreements. FigsFlow centralises all engagement letters in a cloud-based, secured repository so that bookkeepers have immediate access, modify, and track documents in real time.
With a structured and searchable library, bookkeepers can quickly retrieve client agreements when needed, reducing administrative hassle and overall operations efficiency.
If you’ve been in the property game for a while, you already know the basics of using an SPV (Special Purpose Vehicle) to invest in buy-to-let properties. But what if you could do more than just save on tax and separate your liabilities?
For experienced investors, an SPV isn’t just a company structure—it’s a powerful tool that can help you scale up, optimise your tax position, and protect your assets. Whether you’re looking to grow your portfolio, refinance smarter, or plan for the future, these advanced strategies will take your SPV investment to the next level.
And if you’re still weighing up your options, Property SPV Limited Company Formation for Buy to Let can give you the framework to make the most of your investments.
1. Using a Holding Company to Manage Multiple SPVs
As your portfolio expands, having all your properties under a single SPV might not be the most efficient approach. Instead, consider setting up a holding company that owns multiple SPVs, each holding different properties.
Why Do This?
· Better Asset Protection – If one SPV faces financial or legal issues, your other properties remain unaffected.
· Easier Financing – Lenders may offer better rates when properties are separated under different SPVs.
· Tax Efficiency – Profits can be moved between SPVs without triggering immediate tax liabilities.
For example, your holding company could own:
· SPV 1: Residential buy-to-lets
· SPV 2: HMOs (Houses in Multiple Occupation)
· SPV 3: Commercial properties
This kind of structure gives you more control and flexibility while keeping your investments protected.
2. Getting Smarter About Profit Extraction
One challenge of using a Property SPV is figuring out how to take profits out of the company without losing too much to tax. Unlike individual landlords, who pay income tax on rental earnings, SPVs are subject to corporation tax, dividend tax, and other considerations.
What Are Your Options?
· Dividends – A straightforward option, but subject to dividend tax.
· Director’s Loan Account (DLA) – If you originally put money into the SPV, you can repay yourself tax-free from profits.
· Pension Contributions – Your SPV can pay into your pension, reducing corporation tax while building your retirement fund.
By mixing and matching these strategies, you can minimise your tax bill and keep more of your money.
3. Moving Personally Owned Properties into an SPV
If you’ve built your portfolio in your personal name and now want to switch to an SPV, be careful—it’s not as simple as just transferring ownership.
Potential Tax Traps
· Stamp Duty Land Tax (SDLT) – Your SPV must buy the properties at market value, meaning you’ll likely pay SDLT.
· Capital Gains Tax (CGT) – If your properties have appreciated, you could owe a hefty CGT bill.
Incorporation Relief
In some cases, landlords running a genuine property business may qualify for Incorporation Relief, which defers CGT until you sell the company shares. It’s a complex process, but for larger portfolios, it can save thousands in tax.
If you’re considering this move, get advice from a specialist—this is not something you want to get wrong.
