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 typically provide?
Accountants for landlords typically provide services including preparation and submission of Self Assessment tax returns, calculation of taxable profits, advice on allowable expenses, capital gains tax planning, and assistance with VAT if your rental income exceeds the threshold. They also help with record-keeping, tax-efficient structuring of property portfolios, and representation during HMRC enquiries. Many offer year-round support and proactive advice to help you minimise your tax liability whilst remaining compliant with current legislation.
Why is it important to use an accountant who is ACCA or ICAEW qualified?
Using an accountant who is ACCA or ICAEW qualified ensures you are working with a professional who has undergone rigorous training and adheres to strict ethical and professional standards. These qualifications are recognised globally and demonstrate a high level of competence in taxation and accounting. Such professionals are required to maintain their knowledge through continuing professional development, meaning they are up-to-date with the latest HMRC rules and regulations. This provides you with confidence that your tax affairs are handled accurately and efficiently.
How can an accountant help me with my Self Assessment tax return?
An accountant can help with your Self Assessment tax return by accurately calculating your rental income and expenses, ensuring you claim all allowable deductions, and submitting the return to HMRC before the deadline. They can also advise on how to structure your finances to reduce your tax bill, such as utilising your personal allowance or considering a limited company structure. Furthermore, they can help you understand your payment on account obligations and assist with any correspondence from HMRC regarding your return.
What is the difference between a chartered accountant and a certified accountant?
Chartered accountants are typically members of ICAEW or ICAS, whilst certified accountants are members of ACCA. Both qualifications are highly respected and require passing rigorous exams and completing practical experience. The main difference lies in the focus of the training and the professional body. Both are qualified to provide taxation and accounting services, and your choice may depend on the specific expertise and experience of the individual. For landlord taxation, both ACCA and ICAEW members are equally capable of providing excellent advice and support.
Can an accountant help me with VAT on my rental income?
Yes, an accountant can help you with VAT on your rental income. Most residential rental income is exempt from VAT, but there are exceptions, such as serviced accommodation or commercial property rentals. If your rental business is VAT-registered, an accountant can advise on the correct treatment of your income and expenses, help you complete VAT returns, and ensure you are claiming input tax correctly. They can also assist with the decision of whether to register for VAT voluntarily, depending on your specific circumstances.
How do I choose the right accountant for my property portfolio?
To choose the right accountant for your property portfolio, start by looking for professionals who specialise in landlord taxation and have experience with clients in similar situations. Check their qualifications, such as ACCA, ICAEW, or AAT, and read reviews from other landlords. Consider their fee structure and whether they offer a fixed fee or charge hourly. It is also important to arrange an initial consultation to discuss your needs and assess their communication style. A good accountant will ask questions about your portfolio and provide clear, practical advice.
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