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 services do accountants for landlords provide?
Accountants for landlords typically offer a range of services including preparing and submitting Self Assessment tax returns, calculating allowable expenses, advising on capital gains tax when selling a property, and helping with VAT registration and returns if applicable. They can also assist with Corporation Tax for landlords operating through a limited company, and provide ongoing tax planning to minimise liabilities and ensure compliance with HMRC.
How can an accountant help me with my Self Assessment tax return?
An accountant can ensure your Self Assessment tax return is accurate and submitted on time, reducing the risk of penalties. They will review your rental income and expenses, identify all allowable deductions, and calculate the correct amount of tax due. They can also advise on any other income you may have, and help you plan for future tax payments, ensuring you do not overpay or underpay your tax.
Why is it important to choose an accountant who is ACCA, ICAEW, or AAT qualified?
Choosing an accountant who is qualified with a recognised body such as ACCA, ICAEW, or AAT ensures that they have met rigorous professional standards and are committed to ongoing training and ethical conduct. These qualifications provide assurance that the accountant has the necessary expertise to handle your tax affairs correctly. Furthermore, they are regulated, meaning you have recourse if you receive poor advice, giving you greater peace of mind.
What is the difference between a self-employed landlord and a limited company landlord?
A self-employed landlord reports rental income on a Self Assessment tax return and pays Income Tax on profits. A limited company landlord pays Corporation Tax on company profits and may extract income via salary or dividends. Each structure has different tax implications, and an accountant can help you decide which is more tax-efficient for your situation, considering factors such as property value, income level, and long-term plans.
How can an accountant help with VAT for my rental property?
Most residential rental income is exempt from VAT, but there are exceptions, such as serviced accommodation or commercial property rentals. An accountant can assess whether your rental activities are VATable, advise on whether you should register for VAT, and help you complete VAT returns. They can also ensure you claim any allowable input tax, and keep you compliant with HMRC regulations, avoiding penalties for non-compliance.
What should I look for when comparing accountants for landlords in Congleton Cheshire?
When comparing accountants, consider their experience with landlord taxation, their professional qualifications (such as ACCA, ICAEW, or AAT), and their fee structure. Look for a firm that offers a proactive service, including regular communication and tax planning advice. It is also wise to check reviews or ask for references, and to ensure the accountant is registered with a recognised professional body to guarantee they are regulated and accountable.
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