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 a range of services including preparing and filing your Self Assessment tax return, calculating capital gains tax on property sales, advising on allowable expenses, and helping with VAT if you are registered. They can also assist with Corporation Tax for landlords operating through a limited company, and they will handle correspondence with HMRC on your behalf, ensuring you remain compliant with all current regulations.
How can an accountant help me with HMRC enquiries?
If HMRC contacts you for a compliance check or enquiry, an accountant can act as your representative. They will gather the necessary documents, respond to queries, and negotiate with HMRC on your behalf. This reduces your stress and ensures that your rights are protected. An experienced accountant understands HMRC procedures and can help you resolve any issues efficiently, potentially reducing penalties or interest charges that might otherwise arise.
What qualifications should I look for in a landlord accountant?
Look for a professional who is a member of a recognised body such as ACCA, ICAEW, or AAT. These qualifications indicate that the accountant has undergone rigorous training and adheres to strict ethical standards. Additionally, check whether they have specific experience with property taxation. A qualified accountant will stay up to date with changes in tax law and will be able to provide strategic advice that saves you money in the long run.
Can an accountant help me reduce my tax bill as a landlord?
Yes, an accountant can help you legally reduce your tax bill by identifying all allowable expenses and reliefs you are entitled to claim. They will ensure that you deduct mortgage interest, repairs, and other costs correctly. They can also advise on the most tax-efficient structure for your property business, such as whether to hold properties personally or through a limited company. This proactive planning can make a significant difference to your net rental income.
What is the difference between a tax return and a tax calculation?
A tax return is the formal document you submit to HMRC each year, detailing your income and expenses. A tax calculation is the process of working out how much tax you owe based on that information. Your accountant will prepare both, ensuring that your return is accurate and that your calculation takes advantage of all available allowances. They will also tell you the deadline for submission and payment to avoid penalties.
How often should I meet with my accountant?
It is advisable to have a meeting at least once a year to review your tax return and plan for the upcoming year. However, you may wish to meet more frequently if your circumstances change, such as buying or selling a property, or if you have questions about VAT or Corporation Tax. Many accountants offer ongoing advice and are available throughout the year to answer queries and help you make informed decisions.
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