ACCOTAX - Accountants & Tax Consultants
Welcome to ACCOTAX, a firm of Chartered Accountants in London. The firm was established in 2009 and has helped thousands of businesses and individuals...See More
ACCOTAX - Accountants & Tax Consultants
Welcome to ACCOTAX, a firm of Chartered Accountants in London. The firm was established in 2009 and has helped thousands of businesses and individuals...See More
Frequently asked questions
What specific tax issues do accountants for landlords handle?
Accountants for landlords specialise in property-related taxation, including rental income reporting, capital gains tax on disposals, and mortgage interest relief restrictions. They also advise on furnished holiday lettings, joint ownership structures, and the tax implications of using a limited company. They ensure your Self Assessment tax return is accurate and that you claim all allowable expenses, such as repairs, insurance, and professional fees, whilst remaining fully compliant with HMRC requirements.
How can an ACCA or ICAEW qualified accountant help with HMRC compliance?
ACCA and ICAEW qualified accountants have rigorous training and are bound by professional standards. They stay current with HMRC rules, including Making Tax Digital for income tax. They can help you register for Self Assessment, file your tax return on time, and respond to any HMRC enquiries or inspections. Their expertise reduces the risk of penalties and ensures your records are organised and audit-ready, giving you confidence in your financial affairs.
What is the difference between using a limited company and being a sole trader for rental income?
As a sole trader, you pay Income Tax on rental profits via Self Assessment, and mortgage interest relief is restricted to the basic rate. With a limited company, you pay Corporation Tax on profits, and mortgage interest is fully deductible as a business expense. However, extracting profits via dividends or salary has its own tax implications. An accountant can model both scenarios to help you decide which structure is more tax-efficient for your circumstances.
Do I need a VAT-registered accountant for my property portfolio?
If your rental income exceeds the VAT registration threshold, or if you are developing or converting properties, you may need to charge VAT on certain supplies. A VAT-registered accountant can advise on whether to register voluntarily, how to handle VAT on construction costs, and how to use the Flat Rate Scheme if eligible. They will ensure your VAT returns are accurate and that you reclaim input tax correctly, avoiding costly mistakes.
Can an accountant help me with capital gains tax when I sell a rental property?
Yes, accountants can calculate your capital gains tax liability when you sell a rental property, taking into account your original purchase price, enhancement costs, and any reliefs such as Private Residence Relief or Letting Relief. They can also advise on the timing of the sale to minimise tax, and whether to use your annual exempt amount effectively. Their expertise ensures you pay the correct amount and avoid HMRC penalties.
What records should I keep as a landlord, and how can an accountant assist?
You should keep records of all rental income, including tenancy agreements and rent receipts, and all expenses such as repairs, agent fees, and utility bills. You also need to keep details of any property purchases or sales. An accountant can help you organise these records, set up a simple bookkeeping system, and prepare year-end accounts. They can also advise on digital record-keeping to comply with Making Tax Digital requirements.
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