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 for landlords offer advice on allowable expenses, such as repairs, insurance, and letting agent fees, ensuring you claim all legitimate deductions. They also guide you on capital gains tax when selling a property, and on the tax implications of different ownership structures, such as owning personally versus through a limited company. Their expertise helps you minimise your tax liability while remaining fully compliant with HMRC regulations.
How can an accountant help with my Self Assessment tax return?
An accountant will accurately prepare and submit your Self Assessment tax return to HMRC, ensuring all rental income and expenses are correctly reported. They will also calculate your tax liability, including any Class 2 or Class 4 National Insurance contributions, and advise on payments on account. This reduces the risk of errors, penalties, and interest charges, and saves you significant time and stress during the tax season.
What is the difference between an ACCA and an ICAEW accountant?
Both ACCA (Association of Chartered Certified Accountants) and ICAEW (Institute of Chartered Accountants in England and Wales) are prestigious professional bodies. ACCA accountants often have a strong focus on international standards and commercial acumen, while ICAEW chartered accountants are known for their rigorous training in audit, tax, and financial management. Both qualifications require extensive study and practical experience, ensuring a high level of competence and ethical standards.
Do I need a VAT-registered accountant if my rental income is below the threshold?
If your rental income is below the VAT registration threshold, you are not required to charge VAT on your rents. However, a VAT-registered accountant can still be beneficial. They can advise on whether voluntary VAT registration might be advantageous, especially if you incur significant VAT on property improvements. They will also ensure that if your income crosses the threshold, you are registered promptly and your VAT returns are managed correctly to avoid penalties.
Can an accountant help me with Corporation Tax if I use a limited company?
Yes, if you own your rental property through a limited company, an accountant will prepare your company accounts and calculate your Corporation Tax liability. They will advise on the most tax-efficient way to extract profits, such as through salaries or dividends, and ensure you meet all filing deadlines with Companies House and HMRC. They can also assist with strategic tax planning, such as utilising capital allowances on furnished holiday lets.
How often should I meet with my accountant to review my property finances?
It is advisable to meet with your accountant at least twice a year. Once to review your annual accounts and tax return, and again mid-year to discuss any changes in your property portfolio or tax legislation that may affect you. Regular communication ensures you are always aware of upcoming deadlines, potential tax savings, and any adjustments needed to your financial strategy, keeping you proactive rather than reactive.
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