
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 typically offer?
Accountants specialising in landlord services typically provide preparation and submission of Self Assessment tax returns, advice on allowable expenses, capital gains tax planning, and assistance with VAT if your rental income exceeds the threshold. They also offer bookkeeping, preparation of financial statements, and strategic advice on property portfolio structuring. Many firms provide ongoing support for HMRC enquiries and help you understand the tax implications of buying or selling property, ensuring you remain compliant and tax-efficient.
How can an accountant help me with my HMRC tax return as a landlord?
An accountant can ensure your HMRC tax return is completed accurately and on time, minimising the risk of penalties. They will identify all allowable expenses, such as letting agent fees, repairs, and insurance, and ensure you claim every deduction you are entitled to. They also advise on the correct treatment of rental income and capital allowances, and can handle correspondence with HMRC on your behalf if there are any queries. This professional oversight saves you time and provides peace of mind.
What is the difference between an ACCA, ICAEW, and AAT qualified accountant?
ACCA (Association of Chartered Certified Accountants) and ICAEW (Institute of Chartered Accountants in England and Wales) are chartered accountancy bodies, requiring rigorous exams and practical experience. AAT (Association of Accounting Technicians) offers a vocational qualification focusing on day-to-day accounting tasks. All three ensure a high level of competence, but chartered accountants often have broader strategic and advisory expertise, while AAT-qualified professionals may focus more on bookkeeping and tax preparation. Your choice depends on the complexity of your needs.
Are there any tax advantages for landlords who use a limited company?
Yes, operating through a limited company can offer tax advantages, such as paying Corporation Tax on profits rather than income tax, which may be lower. You can also deduct mortgage interest as a business expense, unlike personal landlords. However, there are additional costs and administrative burdens, so it is essential to seek professional advice. An accountant can model your specific situation to determine if incorporation is beneficial, considering factors like your income level and long-term investment plans.
How often should I meet with my accountant to review my property finances?
It is advisable to meet with your accountant at least twice a year: once to review your annual accounts and tax return, and once mid-year to discuss cash flow, upcoming expenses, and any changes in legislation. More frequent meetings may be beneficial if you are actively expanding your portfolio or have complex financial affairs. Regular communication ensures that you are making informed decisions and that your accountant can proactively advise on tax-saving opportunities throughout the year.
What records do I need to keep for my landlord tax return?
You must keep records of all income and expenses related to your rental properties, including rent received, letting agent fees, repair invoices, insurance policies, and mortgage interest statements. You should also retain records of any capital improvements, as these affect capital gains tax calculations. It is essential to keep these records for at least six years. An accountant can provide a checklist and help you organise your records efficiently, ensuring you are fully prepared for HMRC requirements.
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