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 reliefs can an accountant for landlords help me claim?
A qualified accountant can help you claim a range of reliefs, including mortgage interest relief, capital allowances for furnishings and equipment, and deductions for property repairs and maintenance. They will also ensure you correctly report rental income and expenses on your Self Assessment tax return, potentially reducing your overall tax bill. Their expertise ensures you claim every allowable deduction whilst remaining fully compliant with HMRC regulations.
How can an accountant help if I let property through a limited company?
If you operate your property business through a limited company, an accountant is essential. They can manage your Corporation Tax returns, ensure timely filing with HMRC, and advise on salary and dividend strategies to minimise your tax liability. They will also handle your company accounts and provide guidance on the most tax-efficient way to extract profits, ensuring full compliance with Companies House and HMRC requirements.
What is the difference between an ACCA and an ICAEW accountant?
Both ACCA and ICAEW are prestigious professional bodies that require rigorous training and examinations. An ACCA (Association of Chartered Certified Accountants) qualification is globally recognised, whilst ICAEW (Institute of Chartered Accountants in England and Wales) is a leading professional membership organisation. Both types of accountants are highly qualified to handle complex financial matters, including landlord taxation, and are regulated to ensure high standards of professional conduct.
Do I need to be VAT-registered if I rent out multiple properties?
VAT registration for rental income is not usually compulsory because most residential property rentals are exempt from VAT. However, if you provide additional services such as cleaning or laundry, these may be taxable. An accountant can assess your specific situation and advise whether you need to register for VAT. They will also manage your VAT returns and ensure you comply with all HMRC regulations, avoiding any potential penalties.
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, ideally before the end of the tax year to plan for any upcoming liabilities, and after the year end to review your accounts and tax returns. Regular contact ensures you stay informed about changes in tax law and can adjust your strategy accordingly. Many accountants offer ongoing support, so you can also consult them whenever you make significant property decisions.
What records do I need to keep for my landlord tax return?
You must keep accurate records of all rental income and expenses, including receipts for repairs, invoices for professional fees, and records of any mortgage interest paid. You should also keep a copy of your property purchase and sale documents for capital gains tax purposes. An accountant can help you organise these records and advise on the best way to maintain them, ensuring you are fully prepared for your Self Assessment tax return.
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