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
Mind Your Assets Accounts
Mind Your Assets Accounts is based in Sheffield, South Yorkshire, with offices also in Manchester and London. We have over 20 years accountancy expe...See More
Accounting 4 Ltd
Registered practice offering accountancy services from Bookkeeping, Payroll, Vat, Self Assessment, Small Limited Company accounts etc Qualified to AAT...See More
SAFEBOOKS4U BOOKKEEPING SERVICES
For all Your Bookkeeping Needs Safebooks4u specializes in a variety of bookkeeping services with outstanding support. We understand how busy you are,...See More
MGM & CO. Chartered Certified Accountants
If you are looking for professional accountants offering a full range of accountancy and tax services to clients from across the UK, you have come to ...See More
HHR ACCOUNTANCY LTD
Accounting & Bookkeeping Solutions
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Norbury Bookkeeping Services
We offer a complete bookkeeping and computerized payroll service throughout Cheshire and South Manchester and are able to offer support for all financ...See More
Clarity Accountants
We work closely with our clients and act for a broad range of business and personal clients. Apart from the more general accountancy services we can a...See More
Sambhav Management Limited
Since 2012, we’ve offered clients the tools, resources and guidance necessary for all their accounting needs. Clients receive the personalized attenti...See More
Cheaper Accountant
We're the UK's leading low cost accountants. Simple & affordable fees with Company Accounts & Co. Tax Retu...See More
Holdsworth Accountancy
We are a team of experienced, qualified accountants and bookkeepers providing professional services to individuals and businesses within Bradford and ...See More
GORILLA ACCOUNTING LIMITED
orilla Accounting was born after a group of specialist accountants with decades of experience amongst them, decided that accounting shouldn’t be a lab...See More
Harris Rosenberg Chartered Accountants
We help small-scale and early-stage businesses get to where ...
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Athena Bookkeeping Services
Athena Accounting and Bookkeeping Services. ?Let us take good care of your finances giving you more time to focus on the day to day running of your bu...See More
T.Y.E BOOKKEEPING LTD
For all your bookkeeping needs from self assessments, VAT returns, EC Sales List, general bookkeeping for sole traders or small businesses. I work on ...See More
PAYLESS ACCOUNTING & OUTSOURCING LIMITED
We provide businesses with greater flexi...See More
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Additions Accountancy
Welcome to Additions Accountancy Looking for Grantham Accountants? We are a firm of accountants in Grantham with a strong customer service ethos and ...See More
ACCOUNTS 2U LIMITED
Our director, Howard Turner MAAT ATT, qualified as an accounting and taxation technician in 1995 after training with chartered accountants in Cheshire...See More
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FLEXIE ACCOUNTANTS LTD
Flexie Accountants is a reputable accounting firm, providing accounting, finance and tax services to sole traders, partnership and Limited companies. ...See More
Frequently asked questions
What specific services do accountants for landlords typically offer?
Accountants for landlords typically offer services such as preparing and filing Self Assessment tax returns, calculating capital gains tax on property sales, advising on allowable expenses, and ensuring compliance with HMRC regulations. They also assist with VAT registration and returns if your rental income exceeds the threshold, and they can provide guidance on the most tax-efficient ownership structure, whether as an individual or through a limited company.
How can an ACCA or ICAEW qualified accountant help with HMRC tax investigations?
If HMRC opens a tax investigation into your rental income, an ACCA or ICAEW qualified accountant can act as your representative and handle all communication with HMRC on your behalf. They will review your records, prepare the necessary documentation, and ensure that your tax position is presented accurately. Their professional expertise helps to reduce stress and minimise the risk of penalties, as they understand the investigation process and can negotiate effectively with HMRC.
What is the difference between a self-employed landlord and a limited company landlord for tax purposes?
A self-employed landlord pays Income Tax on rental profits through Self Assessment, whilst a limited company landlord pays Corporation Tax on company profits. Limited companies may offer more tax planning flexibility, such as splitting income between shareholders, but they also involve additional administrative responsibilities. An accountant can analyse your specific situation, including your income levels and long-term goals, to recommend the most tax-efficient structure for your property business.
Are there any specific tax reliefs that landlords often overlook?
Many landlords overlook reliefs such as the replacement of domestic items relief, which allows you to claim the cost of replacing furnishings, and the deduction for mortgage interest, which is restricted to the basic rate of tax for individual landlords. Additionally, you may be able to claim for professional fees, insurance, and even travel expenses related to your rental business. A qualified accountant will ensure you claim every available relief, reducing your overall tax liability.
How often should I meet with my accountant to discuss my rental property finances?
It is advisable to meet with your accountant at least twice a year, once before the end of the tax year to plan your tax position and once after the year ends to review your accounts and prepare your tax return. However, if you have a larger portfolio or are planning significant changes, such as selling a property or purchasing a new one, more frequent meetings may be beneficial. Your accountant can also provide ongoing advice throughout the year via email or phone.
What records should I keep as a landlord to make my accountant's job easier?
You should keep records of all rental income received, including tenancy agreements and rent ledgers, as well as receipts for any expenses you incur, such as repairs, maintenance, insurance, and letting agent fees. You should also keep records of any mortgage interest payments and details of any capital improvements to the property. Organising these records in a digital format, such as a spreadsheet or accounting software, will help your accountant prepare your tax return accurately and efficiently.
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