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 services do Accountants For Landlords typically provide?
Accountants For Landlords usually offer a range of services including preparing and filing Self Assessment tax returns, managing VAT returns, advising on Corporation Tax for limited companies, and helping with property expense analysis. They can also assist with capital gains tax planning, record keeping, and ensuring you meet all HMRC deadlines. By using a specialist, you can ensure your property income is reported accurately and that you take advantage of all available tax reliefs.
How can an accountant help with my Self Assessment tax return?
An accountant can ensure your Self Assessment tax return is completed correctly and submitted on time to HMRC. They will review your rental income and allowable expenses, such as repairs, insurance, and letting agent fees, to minimise your tax liability. They can also advise on any changes to your circumstances, such as selling a property, and help you understand your tax code. This reduces the risk of errors and penalties, giving you peace of mind.
What qualifications should I look for in an accountant?
When choosing an accountant, look for qualifications from recognised professional bodies such as ACCA, ICAEW, or AAT. These qualifications indicate that the accountant has undergone rigorous training and adheres to high professional standards. Additionally, check if they are registered with HMRC to file tax returns on your behalf. A qualified accountant will have the expertise to handle complex property tax matters and provide reliable advice.
Can an accountant help with VAT for my rental properties?
Yes, an accountant can help you determine if your rental activities require VAT registration. While most residential lettings are exempt from VAT, there are exceptions, such as serviced accommodation or commercial property. An accountant can advise on the correct treatment, assist with VAT returns, and ensure you claim any input tax you are entitled to. They can also help you decide whether to register voluntarily, considering the impact on your cash flow.
How do I know if I need to pay Corporation Tax?
If you own your rental properties through a limited company, you will be subject to Corporation Tax on your profits. An accountant can help you understand your obligations, calculate your tax liability, and file your Corporation Tax return with HMRC. They can also advise on salary and dividend strategies to minimise your overall tax burden. For landlords operating as sole traders, income tax via Self Assessment would apply instead.
What should I expect when working with an accountant for the first time?
When you first work with an accountant, they will typically review your current financial situation, including your rental income, expenses, and any existing tax arrangements. They will explain the services they offer, agree on fees, and outline how you will communicate. You will need to provide relevant documents, such as property purchase records, tenancy agreements, and receipts. The accountant will then help you set up efficient record-keeping systems and plan for the year ahead.
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