ACCOTAX - Accountants & Tax Consultants
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BLUEBIRD ACCOUNTANCY LIMITED
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KUBED SOLUTIONS LIMITED
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MARK SASTA & ASSOCIATES
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MAKESWORTH LIMITED
Makesworth
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SJD ACCOUNTANCY LIMITED
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Numerii Ltd
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MADE SIMPLE GROUP LIMITED
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MINT FORMATIONS LTD
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Taxeasy Ltd
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GOFORMA LIMITED
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ION Chartered Accountant
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Alpha Tax & Accounting
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YOUR COMPANY FORMATIONS LTD
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Reckonwell Finance
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TIDE PLATFORM LTD
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Frequently asked questions
What services do accountants for landlords typically offer?
Accountants for landlords typically offer services such as preparing Self Assessment tax returns, calculating rental income and expenses, advising on capital gains tax, handling VAT returns for larger portfolios, and providing Corporation Tax services for limited company landlords. They also assist with record keeping, HMRC correspondence, and tax planning to minimise liabilities. Many firms provide year-round advice on property purchases, sales, and portfolio restructuring, ensuring you remain compliant with current tax legislation and meet all filing deadlines.
How can an accountant help with HMRC tax returns for rental income?
An accountant can help with HMRC tax returns by accurately calculating your rental profit, claiming all allowable expenses such as repairs, insurance, and letting agent fees, and ensuring your Self Assessment return is filed on time. They can also advise on the correct treatment of mortgage interest, which is restricted to the basic rate of tax for individual landlords. If you receive a tax calculation or a notice from HMRC, your accountant can explain it and respond on your behalf, reducing the risk of errors and penalties.
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 passed rigorous exams and adheres to a code of ethics and continuing professional development. Membership also means they are regulated and subject to disciplinary procedures, giving you confidence in their competence. Many firms also hold specific accreditations for property tax advice, so you can check their profiles on AccountingFirms.co.uk to see their specialisms and experience with landlord clients.
Can an accountant help me if I let a property through a limited company?
Yes, an accountant can provide valuable assistance if you let property through a limited company. They can prepare annual accounts, file Corporation Tax returns, and advise on extracting profits via dividends or salary. They will also help with VAT registration if your company's turnover exceeds the threshold, and ensure you comply with Companies House filing requirements. Additionally, they can advise on the tax implications of transferring property into a company and help you structure your affairs efficiently to avoid unexpected tax charges.
How often should I meet with my accountant?
It is advisable to meet with your accountant at least twice a year, once for tax planning before the end of the tax year and once to prepare your annual tax return. However, many landlords benefit from quarterly or even monthly meetings, especially if they have a large portfolio or complex finances. Regular contact ensures you stay up to date with changes in tax law, can plan for upcoming expenses, and address any HMRC correspondence promptly. Your accountant can also provide ongoing bookkeeping support if needed.
What are the penalties for late filing of a Self Assessment tax return?
The penalties for late filing of a Self Assessment tax return are as follows: £100 fixed penalty if you file up to three months late, then additional daily penalties of £10 per day for up to 90 days if you are more than three months late. After six months, you face a further £300 penalty or 5% of the tax due, and after twelve months, another £300 or 5% of the tax due. Interest is also charged on any tax paid late. An accountant can help you avoid these penalties by ensuring timely filing and accurate submissions.
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