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 services do accountants for landlords provide?
Accountants for landlords provide services including preparation and filing of Self Assessment tax returns, calculating rental income and allowable expenses, advising on capital gains tax when selling properties, and helping with VAT if your rental income exceeds the threshold. They also assist with Corporation Tax if you hold properties in a limited company, and can handle HMRC correspondence on your behalf. Their expertise ensures you claim all eligible deductions and remain compliant with current tax laws.
How can an accountant help me save money on my rental property taxes?
An accountant can identify allowable expenses you might overlook, such as property repairs, insurance, letting agent fees, and mortgage interest (subject to restrictions). They can also advise on the most tax-efficient ownership structure, whether as an individual or through a limited company. Additionally, they help with capital allowances on furnished holiday lets and ensure you use your annual tax-free allowances effectively. Their proactive planning can significantly reduce your overall tax liability.
What qualifications should I look for in a landlord accountant?
Look for accountants who are members of recognised professional bodies such as ACCA, ICAEW, or AAT. These qualifications ensure the accountant has undergone rigorous training and adheres to strict ethical standards. Many also hold specialist property tax accreditations. Membership in these bodies means they are required to complete continuous professional development, keeping them up to date with changes in tax legislation. This gives you confidence in their expertise and professionalism.
How often should I meet with my accountant to discuss my property portfolio?
It is advisable to meet with your accountant at least twice a year: once before the end of the tax year to plan for the upcoming year, and once after your tax return is filed to review your position. However, if you have a complex portfolio or significant transactions, more frequent meetings may be beneficial. Many accountants offer ongoing support throughout the year, so you can contact them whenever you have a query or are considering a new property purchase.
What records do I need to keep for my accountant to prepare my tax return?
You need to keep records of all rental income received, including tenancy agreements and rent statements. You should also retain receipts for any expenses you plan to claim, such as repairs, maintenance, letting agent fees, and utility bills. If you have a mortgage, keep statements showing interest paid. Additionally, keep records of any capital improvements to properties, as these affect capital gains tax calculations. Your accountant can provide a detailed checklist tailored to your situation.
Can an accountant help me if I am behind on my tax filings or have received a letter from HMRC?
Yes, an accountant can assist you in resolving any issues with HMRC. They can help you file overdue tax returns, negotiate payment plans for outstanding tax, and respond to HMRC enquiries or investigations. Their expertise ensures that your case is presented accurately and in the best possible light. They can also help you avoid future penalties by setting up a system for timely filings. This support provides peace of mind and reduces the stress of dealing with tax authorities.
About Accounting Firms
AccountingFirms.co.uk is the UK's dedicated accountant comparison website, helping individuals, sole traders, landlords, startups, and SMEs instantly compare accountancy and tax fees from trusted UK accounting firms.
Find and connect with qualified accountants, tax advisers, bookkeepers, and business advisers using advanced search filters, verified profiles, and genuine reviews aggregated from Google, Trustpilot, Yelp, and other trusted platforms.
Over 26,000+ UK Accountants in One Place
Explore the UK's largest independent directory of accountants regulated by professional bodies including ICAEW, ACCA, AAT, CIMA, CIPFA, AIA, IFA, and other recognised UK accountancy bodies.
Affordable Online Accounting Services
Buy fixed-fee accounting packages online with confidence. Services are delivered by experienced UK-qualified accountants and tax advisers, covering:
A Marketplace for Accountants
For accounting firms, AccountingFirms.co.uk is more than a directory. It's a powerful lead generation platform, accountant marketplace, and business growth hub, helping practices attract new clients, increase online visibility, generate qualified leads, and win more accounting and taxation work across the UK.