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
TITUS ACCOUNTS LTD
I know that telling you the truth won’t make me very popular with other accountants. If I'm honest I never liked them much anyway. Chances are (if yo...See More
Frequently asked questions
What specific tax advice do accountants for landlords in Herts provide?
Accountants for landlords in Herts provide advice on rental income reporting, allowable expenses, capital allowances, and property capital gains. They help you complete your Self Assessment tax return accurately, ensure you pay the correct amount of tax, and identify legitimate deductions. They also advise on VAT for new builds or conversions, and Corporation Tax if you operate through a limited company.
How do I know if an accountant is qualified to handle landlord tax matters?
Look for accountants who are members of recognised professional bodies such as ACCA, ICAEW, or AAT. These qualifications demonstrate that the accountant has undergone rigorous training and adheres to strict ethical standards. Additionally, many accountants specialise in property taxation, so you can ask about their experience with landlord clients and their familiarity with HMRC regulations.
What records should I keep for my accountant as a landlord?
You should keep records of all rental income received, including tenancy agreements and rent ledgers. Also retain receipts for any expenses you wish to claim, such as repairs, letting agent fees, insurance, and mortgage interest. Keep details of any capital improvements, as these affect capital gains tax when you sell. Your accountant will use these records to prepare your tax return accurately.
Can an accountant help me with HMRC enquiries or audits?
Yes, an accountant can represent you during an HMRC enquiry or audit. They will handle all correspondence, prepare the necessary documentation, and explain your position to HMRC. Having a qualified professional on your side reduces stress and ensures your rights are protected. They can also negotiate payment plans if you owe tax and help you avoid penalties for late submissions.
What is the difference between using an accountant and doing my own tax return?
Using an accountant saves you time and reduces the risk of errors that could trigger an HMRC investigation. Accountants understand complex property tax rules, including recent changes to mortgage interest relief and the wear and tear allowance. They can also advise on the most tax-efficient structure for your portfolio, which is difficult to achieve without professional knowledge.
How often should I meet with my accountant to discuss my property portfolio?
It is advisable to meet at least twice a year: once before the tax year ends to plan for the upcoming year, and once after your tax return is submitted to review your position. However, you should contact your accountant whenever you buy or sell a property, change your financing, or receive a letter from HMRC. Regular communication helps you stay compliant and optimise your tax position.
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