
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 issues do accountants for landlords handle?
Accountants for landlords specialise in property-related tax matters, including preparing and filing Self Assessment tax returns, calculating capital gains tax on property sales, and advising on allowable expenses such as repairs, insurance, and mortgage interest. They also help with VAT for commercial lets and ensure compliance with HMRC's Making Tax Digital requirements. Their expertise ensures you claim all legitimate deductions and avoid penalties.
How can an ACCA or ICAEW qualified accountant benefit my property business?
An ACCA or ICAEW qualified accountant brings a high level of professional rigour and up-to-date knowledge of tax legislation. They are bound by strict ethical codes and must complete continuous professional development. This means they can offer accurate, strategic advice on structuring your property portfolio, whether as an individual or through a limited company, and help you optimise your tax position whilst remaining fully compliant with HMRC.
What is the difference between using a general accountant and a landlord specialist?
A general accountant may handle a variety of personal and business tax affairs, but a landlord specialist focuses exclusively on property taxation. This specialisation means they are more likely to be aware of niche reliefs, such as furnished holiday lettings rules or the 20% tax credit for mortgage interest. They also understand the specific record-keeping requirements for rental income, ensuring your tax return is accurate and maximises your tax efficiency.
How does a landlord accountant help with HMRC compliance and avoiding penalties?
A landlord accountant ensures that your tax returns are filed correctly and on time, which is crucial for avoiding late-filing penalties. They also help you maintain proper records, which HMRC can request at any time. If HMRC opens an enquiry into your affairs, your accountant can represent you, handling all communication and providing the necessary evidence. This proactive approach minimises the risk of fines and interest charges.
Can an accountant help me decide whether to hold my property in a limited company?
Yes, this is a common area of advice. An accountant can analyse your personal circumstances, the number of properties you own, and your long-term goals to determine if a limited company structure is beneficial. They will consider factors such as Corporation Tax rates, dividend taxation, and the availability of mortgage interest relief. This strategic advice can lead to significant tax savings, but it requires careful modelling, which a professional can provide.
What records should I keep as a landlord, and how can an accountant assist?
You should keep records of all rental income, including tenancy agreements and rent statements, as well as receipts for any expenses you intend to claim. This includes invoices for repairs, letting agent fees, and utility bills if you pay them. An accountant can help you set up an efficient system, whether using spreadsheets or accounting software, and will advise on what is deductible. They can also prepare your annual accounts and tax return from these records, ensuring accuracy and completeness.
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