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 advice do accountants for landlords provide?
Accountants for landlords provide specialist advice on rental income, allowable expenses, capital gains tax, and the implications of the Section 24 mortgage interest restriction. They help you structure your property business efficiently, whether as an individual or a limited company, and ensure you claim all available reliefs. They also guide you on HMRC compliance, record-keeping, and filing deadlines, so you avoid penalties and optimise your tax position.
How can an accountant help with my Self Assessment tax return?
An accountant can prepare and submit your Self Assessment tax return accurately and on time, ensuring all rental income and expenses are correctly reported. They will identify allowable deductions you may have missed, such as property repairs, insurance, and professional fees. By using their expertise, you reduce the risk of errors that could trigger an HMRC enquiry, and you gain peace of mind knowing your tax affairs are in order.
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 and technical standards. Additionally, seek someone with specific experience in property taxation, as they will be up-to-date with the latest legislation and able to provide tailored advice for your portfolio.
Do I need to be VAT-registered as a landlord?
VAT registration is generally not required for residential landlords because residential rents are exempt from VAT. However, if you let commercial properties or provide additional services, you may need to register. An accountant can assess your situation, advise on whether voluntary registration is beneficial, and help you manage VAT returns and compliance if you do become registered.
How can an accountant help me with Corporation Tax if I use a limited company?
If you hold your property portfolio in a limited company, an accountant will prepare your annual accounts and Corporation Tax return, ensuring you pay the correct amount of tax. They will advise on salary and dividend strategies to minimise your overall tax burden, and help you with company secretarial duties. Their expertise ensures you remain compliant with Companies House and HMRC requirements.
What records do I need to keep for my accountant?
You should keep detailed records of all rental income and expenses, including tenancy agreements, invoices, receipts, and bank statements. Also retain records of any property purchases or sales, mortgage interest statements, and capital improvement costs. Your accountant will use these to prepare accurate accounts and tax returns. Organised records make the process smoother and help ensure you claim every allowable deduction.
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