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 services such as preparing and submitting Self Assessment tax returns, calculating capital gains tax on property sales, advising on allowable expenses, and helping with VAT registration and returns. They also assist with Corporation Tax if you run your rental business through a limited company, and provide ongoing tax planning to help you minimise your liabilities while staying fully compliant with HMRC regulations.
How can an accountant help me with HMRC compliance?
An accountant ensures that you meet all HMRC deadlines, submit accurate tax returns, and pay the correct amount of tax. They keep up to date with changes in tax law, advise on record-keeping requirements, and can represent you in the event of an HMRC enquiry or investigation. This reduces the risk of penalties and gives you confidence that your tax affairs are in order.
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 indicate that the accountant has undergone rigorous training and adheres to high ethical and technical standards. Additionally, experience with property taxation is essential, as it ensures the accountant understands the specific rules and allowances that apply to landlords.
Can an accountant help me claim all allowable expenses?
Yes, a qualified accountant will thoroughly review your income and expenditure to identify all allowable expenses you can claim, such as letting agent fees, repairs, insurance, and professional services. They will also advise on capital allowances and the replacement of domestic items relief, ensuring you do not miss out on any tax deductions that you are legally entitled to.
What is the difference between using an accountant and using tax software?
While tax software can help you file a straightforward return, an accountant offers personalised advice tailored to your specific circumstances. They can proactively plan for future tax liabilities, help you structure your finances efficiently, and provide support if HMRC queries your return. For landlords with complex portfolios or those using limited companies, the expertise of a professional is invaluable.
How often should I meet with my landlord accountant?
It is advisable to have at least an annual meeting to review your tax return and discuss any changes in your property portfolio or tax legislation. However, many landlords benefit from more frequent contact, such as quarterly reviews, to ensure that their records are accurate and that they are on track with their tax payments. Your accountant can advise on the most suitable schedule for your needs.
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