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 can accountants for landlords provide for my rental properties?
Accountants specialising in landlord taxation can offer guidance on allowable expenses, such as repairs, insurance, and letting agent fees. They can also advise on the tax treatment of mortgage interest, capital allowances for furnished holiday lets, and the implications of owning property through a limited company. Their expertise helps you minimise your tax liability while ensuring full compliance with HMRC regulations.
How can an ACCA or ICAEW qualified accountant help with my Self Assessment tax return?
An ACCA or ICAEW qualified accountant will ensure your Self Assessment tax return is completed accurately and submitted on time, avoiding penalties. They will calculate your rental income and expenses correctly, apply all relevant reliefs, and advise on any payments on account. Their professional knowledge reduces the risk of errors and helps you plan for future tax bills effectively.
What are the benefits of using a regulated accountant for landlord tax planning?
Regulated accountants, such as those registered with ACCA, ICAEW, or AAT, adhere to strict ethical and professional standards. They are required to maintain their technical knowledge through continuing professional development. This ensures they are up-to-date with the latest tax legislation, providing you with reliable advice that can save you money and prevent costly mistakes with HMRC.
Can an accountant help me with VAT on my rental income?
Yes, an accountant can advise on whether your rental income is subject to VAT. Most residential lettings are exempt from VAT, but commercial property rentals may be taxable. If you opt to tax a property, your accountant can guide you through the process and help you manage your VAT returns, ensuring you claim any eligible input tax and remain compliant with HMRC requirements.
How does Corporation Tax affect landlords who operate through a limited company?
If you own rental properties through a limited company, you will be subject to Corporation Tax on your profits, rather than Income Tax. An accountant can help you understand the current Corporation Tax rates and how to structure your finances to be tax-efficient. They can also assist with filing your company tax return and managing any dividends you take as a director.
What records do I need to keep for my accountant to prepare my accounts?
You should keep records of all income received from tenants, including rent and any deposits, as well as receipts for all expenses such as maintenance, advertising, and professional fees. You also need to keep details of any loans or mortgages on the properties. Your accountant will use this information to prepare accurate accounts and ensure your tax returns are correct.
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