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 prepare annual accounts, complete Self Assessment tax returns, and advise on allowable expenses such as repairs, insurance, and letting agent fees. They can also help with VAT registration, capital gains tax planning, and structuring your property business efficiently. Many offer ongoing bookkeeping services and can represent you if HMRC opens an enquiry into your tax affairs.
How can an accountant help me reduce my tax bill as a landlord?
A qualified accountant will ensure you claim every allowable expense you are entitled to, including professional fees, advertising costs, and utility bills for furnished lettings. They can also advise on the most tax-efficient structure for your portfolio, such as owning property through a limited company, and help you time major purchases or sales to minimise capital gains tax. Their expertise can save you far more than their fees.
Do I need to be VAT-registered as a landlord?
You must register for VAT if your total taxable turnover exceeds the current threshold, which is £90,000. For most landlords, residential property rental is exempt from VAT, but you may need to consider VAT on commercial property or certain services. An accountant can assess your individual circumstances and advise whether registration is necessary or beneficial, and handle the registration process for you.
What qualifications should I look for in a landlord accountant?
Look for accountants who are members of recognised professional bodies such as ACCA, ICAEW, or AAT. These qualifications demonstrate that the accountant has passed rigorous exams and adheres to a strict code of ethics and continuing professional development. Many accountants also hold specialist property tax qualifications, so it is worth asking about their experience with landlords and property portfolios.
How often should I meet with my accountant?
Most landlords meet with their accountant at least twice a year: once to review the previous year's accounts and tax return, and again to plan for the year ahead. However, you may wish to meet more frequently if you are expanding your portfolio, making significant purchases, or restructuring your business. Many accountants also offer quarterly or monthly check-ins to keep your finances on track.
Can an accountant help me with HMRC enquiries or investigations?
Yes, an experienced accountant can provide invaluable support if HMRC enquires into your tax return. They can help you gather the necessary records, prepare responses to HMRC's questions, and represent you throughout the investigation. Their knowledge of tax law and HMRC procedures can reduce stress and help ensure that the outcome is as favourable as possible for you.
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