
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 in Cattedown Plymouth?
Accountants for landlords in Cattedown Plymouth handle a range of property tax issues including Self Assessment tax returns, capital gains tax on property sales, mortgage interest relief calculations, and HMRC compliance. They also advise on allowable expenses, property allowances, and the tax implications of owning rental properties through a limited company. Their expertise ensures landlords meet all legal obligations whilst minimising tax liabilities.
How can an ACCA or ICAEW qualified accountant help with HMRC enquiries?
An ACCA or ICAEW qualified accountant provides professional representation during HMRC enquiries and investigations. They prepare all necessary documentation, respond to HMRC queries, and ensure that your tax returns are accurate and defensible. Their knowledge of tax law and HMRC procedures helps resolve issues efficiently, reducing the risk of penalties and interest charges. Having a qualified professional manage the process provides significant peace of mind.
What is the difference between a tax return and Corporation Tax for landlords?
A tax return, or Self Assessment, is used by individual landlords to report rental income and expenses to HMRC. Corporation Tax is a separate tax paid by limited companies on their profits. If you own property through a limited company, the company must file a Corporation Tax return, and you may also need to file a personal tax return for any salary or dividends received. An accountant can advise on the most tax-efficient structure for your property business.
Are accountants in Cattedown Plymouth familiar with local property market conditions?
Yes, accountants in Cattedown Plymouth have local knowledge of the property market, including typical rental yields, local council tax bands, and regional regulations. This insight allows them to provide tailored advice on property investments and tax planning. They understand the specific challenges faced by landlords in the area and can help you make informed decisions about acquisitions, disposals, and portfolio management.
What records should I keep for my accountant to prepare my tax return?
To prepare your tax return, you should keep records of all rental income received, including tenancy agreements and rent statements. You should also retain receipts for expenses such as repairs, insurance, letting agent fees, and mortgage interest. Bank statements and invoices are essential. Your accountant will use these records to calculate your taxable profit accurately and ensure you claim all allowable deductions. Digital records are recommended for HMRC compliance.
How does Making Tax Digital affect landlords using an accountant?
Making Tax Digital (MTD) requires landlords with rental income above the VAT threshold to keep digital records and file updates using compatible software. An accountant can help you set up the necessary digital systems and ensure you comply with MTD requirements. They will also manage the quarterly updates and annual declarations, making the process seamless. Using a qualified accountant ensures that your digital records are accurate and HMRC-compliant.
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