
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 deductions can a landlord claim on rental income?
Landlords can typically claim deductions for property repairs, letting agent fees, insurance, ground rent, and professional fees such as accountant costs. Mortgage interest is claimed at a reduced rate, and you cannot deduct capital improvements. A qualified accountant will ensure you claim every allowable expense, keeping your tax bill as low as possible while remaining fully compliant with HMRC rules.
How can an ACCA or ICAEW qualified accountant help with HMRC investigations?
If HMRC opens an enquiry into your tax return, having an ACCA or ICAEW qualified accountant is invaluable. They will handle all communication with HMRC, prepare the necessary documentation, and provide expert representation. Their knowledge of tax law and procedures ensures your rights are protected, and they can negotiate on your behalf to resolve any issues efficiently and with minimal stress.
Do I need to register for VAT as a landlord?
You must register for VAT if your total taxable turnover, including rental income, exceeds the current threshold. However, residential property rental is generally exempt from VAT, meaning you may not charge VAT on rents. Commercial property letting can be different, and you may choose to opt for taxation. A specialist accountant can advise on your specific situation and ensure you meet all obligations.
What is the difference between a Self Assessment tax return and Corporation Tax for a landlord?
A Self Assessment tax return is used by individual landlords to report rental income and pay Income Tax on profits. If you operate your property business through a limited company, the company must file a Corporation Tax return and pay Corporation Tax on its profits. Your accountant will help you decide which structure is most tax-efficient and prepare the correct returns for HMRC.
How often should I meet with my accountant to review my property portfolio?
It is advisable to meet with your accountant at least once a year, ideally before the end of the tax year, to review your portfolio and plan for the year ahead. However, if you have significant transactions, changes in legislation, or are considering new investments, more frequent meetings are beneficial. Regular communication ensures you stay on top of your tax position and make informed decisions.
Can an accountant help me with tax planning for multiple rental properties?
Yes, an accountant with expertise in property taxation can provide strategic advice on structuring your portfolio to minimise tax liabilities. They can analyse your income and expenses across all properties, advise on the optimal ownership structure, and help you plan for future acquisitions or disposals. Their proactive guidance can result in substantial savings and better long-term financial outcomes.
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