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 specialising in landlord taxation offer advice on deducting allowable expenses such as repairs, insurance, and letting agent fees. They also guide you on the correct treatment of mortgage interest, capital allowances for furnishings, and the implications of the wear and tear allowance. They ensure your tax return is accurate and compliant with HMRC regulations, helping you to legally minimise your tax bill while avoiding penalties for errors or late submissions.
How can an ACCA or ICAEW accountant help with HMRC enquiries?
If HMRC opens an enquiry into your tax return, an ACCA or ICAEW qualified accountant can act as your representative. They will handle all correspondence, prepare the necessary documentation, and ensure your rights are protected. Their professional expertise allows them to respond effectively to HMRC requests, negotiate on your behalf, and resolve any disputes efficiently, reducing the stress and potential financial impact on you.
Do I need a separate accountant for my limited company rental business?
Yes, if you operate your rental business through a limited company, you will need an accountant experienced in Corporation Tax and company accounts. They will manage your annual accounts, file your Corporation Tax return, and advise on salary and dividend extraction. This ensures you comply with Companies House and HMRC requirements while optimising your tax position and maintaining proper corporate governance.
What is the difference between a tax return and Self Assessment for landlords?
A Self Assessment tax return is the form you complete to declare your income and capital gains to HMRC. For landlords, this includes rental income and any profits from property sales. The tax return calculates your tax liability, and you must file it by the deadline. An accountant can prepare and submit this return on your behalf, ensuring all income is declared and all allowable expenses are claimed.
How do accountants help with VAT for landlords?
Landlords who opt to tax a property (charging VAT on rent) or who exceed the VAT registration threshold must register for VAT. An accountant can advise on whether to opt to tax, help with VAT registration, and ensure your VAT returns are submitted correctly. They also assist with reclaiming input VAT on property expenses and managing the complexities of partial exemption if you have mixed-use properties.
Why should I choose a certified accountant from a directory like AccountingFirms?
Choosing a certified accountant from a directory ensures that the professional is regulated by a recognised body such as ACCA, ICAEW, or AAT. This provides assurance of their competence, ethical standards, and ongoing professional development. Directory listings often include client reviews and areas of specialism, helping you to compare providers and select an accountant who is best suited to your specific landlord needs.
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