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
Marden & Co Accountants Ltd
We are a two partner accountancy practice based in Epsom, serving Sutton, Banstead, Reigate, Dorking & across Surrey. We provide professional accounta...See More
APRC Accountants
We are a forward thinking firm of Chartered, Certified Public Accountants & Tax Advisers and Chartered Payroll Professionals established in 2005 in th...See More
Tax Cruncher
Tax Cruncher is an online accounting &Tax consulting firm serving clients nationwide. Our aim is to help SMEs to grow their business by crunching thei...See More
Central London Accountants
We are proud partners of leading software provider firm Xero, and we can help if you require Xero Accountants in London, Xero training, or need remote...See More
Cheap - Accountants
As a small business owner, your main focus is to work on your business strengths to help it grow, and you can’t just achieve it through juggling every...See More
London Accountants
We have been providing a range of tailored accounting and taxation services to individuals as well as small and medium sized businesses. See More
Cruse + Burke
As one of the leading accountants in Croydon, we are forward thinking in the way we approach your business requirements and the way we give you except...See More
Cruse+Burke
As one of the leading accountants in Croydon, we are forward thinking in the way we approach your business requirements and the way we give you except...See More
Owadally & Kings Partnership
At O&K we aspire to be one of the most forward thinking accountancy firms in Croydon. Our dedicated in-house team, and external specialists, based in ...See More
Taxaccolega Chartered Accountants & Tax Advisers
As one of the brightest firms of chartered accountants in London, UK, Taxaccolega, based in Croydon, combines the passion and creative thinking of a s...See More
Abu Umar & Co.
Welcome to Abu Umar & Co. We are a small Accounting firm, based in London, We specialize in dealing with all accounting problems. As we have been o...See More
Fitzgeralds Accountants Limited
We are a well established firm of accountants and tax advisors based in South West London, dealing with small businesses and high net worth individual...See More
" Accountify – Chartered Certified Accountants"
A firm of Chartered Certified Accountants based in London and Portsmouth. Accountify is an established brand in Accounting and Tax, serving its client...See More
Financial Partnership London
The Financial Partnership LLP, London, is a young, dynamic and innovative firm of Accountants & Business Advisors who can help improve the performance...See More
Startup Accountants
Our startup accountants London operate with a specific approach to keep your business afloat. Gradually positioning it where you have dreamt it to be....See More
Coman And Co Ltd
Chartered Tax Advisers and Chartered Certified Accountants, we offer assistance with tax return compliance and specialist tax consultancy services for...See More
Not Just Bookkeeping Ltd
Friendly Consulting offers a wide range of consulting services for several indu...
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Frequently asked questions
What specific services do accountants for landlords provide?
Accountants for landlords typically offer services such as preparing and submitting Self Assessment tax returns, calculating rental profits, advising on allowable expenses, and ensuring compliance with HMRC regulations. They can also assist with VAT registration and returns if your rental income exceeds the threshold, as well as provide guidance on capital gains tax when selling a property. Many accountants also offer bookkeeping, payroll for any employees, and tax planning to help you structure your finances efficiently.
How do I know if an accountant is qualified and regulated?
Qualified accountants in are usually members of recognised professional bodies such as ACCA, ICAEW, or AAT. These organisations require members to adhere to strict ethical standards and undergo regular continuing professional development. You can verify an accountant's credentials by checking their membership number on the relevant body's website or by asking for proof of their qualifications. Using a regulated accountant ensures that your financial affairs are handled by someone with the necessary expertise and accountability.
What is the difference between a tax return and a Self Assessment?
A Self Assessment is the system HMRC uses to collect Income Tax from individuals who are not taxed through the Pay As You Earn (PAYE) scheme, such as landlords. A tax return is the form you submit under Self Assessment, detailing your income and expenses for the tax year. For landlords, this means declaring rental income and claiming allowable deductions. An accountant can prepare and submit your tax return online, ensuring accuracy and timeliness to avoid penalties from HMRC.
Can an accountant help me reduce my tax bill as a landlord?
Yes, an experienced accountant can help you legally minimise your tax bill by ensuring you claim all allowable expenses, such as property repairs, insurance, and professional fees. They can also advise on tax-efficient structures, like holding property through a limited company, and on capital allowances for fixtures and fittings. Additionally, they can help with tax planning around the timing of income and expenses, and ensure you utilise your personal allowance and any available reliefs correctly.
What records do I need to keep as a landlord for tax purposes?
As a landlord, you must keep accurate records of all rental income and expenses for at least five years after the 31 January submission deadline. This includes tenancy agreements, rent receipts, invoices for repairs and maintenance, mortgage interest statements, and records of any other costs related to letting the property. You should also keep details of any property purchases or sales for capital gains tax purposes. An accountant can advise on the best way to organise these records, whether in paper or digital format.
How often should I meet with my accountant for property tax advice?
It is advisable to have at least one formal meeting per year, typically before the tax year end, to review your property portfolio and plan for the upcoming year. However, you may also want to consult your accountant when you purchase or sell a property, change your rental structure, or if there are significant changes in tax legislation. Many accountants offer ongoing support via email or phone, and some provide quarterly or monthly bookkeeping services to keep your records up to date throughout the year.
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