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 do accountants for landlords provide?
Accountants for landlords provide tailored advice on rental income, allowable expenses, capital gains tax, and mortgage interest relief. They ensure you complete your Self Assessment tax return accurately and on time, and they help you structure your property business efficiently, whether as an individual or a limited company. They also advise on VAT implications and record-keeping requirements to keep you fully compliant with HMRC.
How can an ACCA or ICAEW qualified accountant help with HMRC enquiries?
An ACCA or ICAEW qualified accountant can represent you in dealings with HMRC, including tax investigations and enquiries. They will prepare all necessary documentation, respond to HMRC requests, and ensure that your rights are protected. Their professional expertise helps to reduce the stress and potential financial impact of an enquiry, as they understand the procedures and can negotiate on your behalf to achieve a fair outcome.
Do I need a specialist accountant if I only rent out one property?
Even with a single rental property, you have specific tax obligations that can be complex. A specialist accountant will ensure you correctly report your income and claim all allowable expenses, such as repairs, insurance, and letting agent fees. They can also advise on the best ownership structure and help you avoid common mistakes that could lead to HMRC penalties. Their expertise is valuable for any landlord, regardless of portfolio size.
What is the difference between a tax return and Self Assessment for landlords?
Self Assessment is the system HMRC uses to collect Income Tax, and a tax return is the form you submit each year. As a landlord, you must register for Self Assessment and file a tax return detailing your rental income and expenses. An accountant can prepare and submit this return for you, ensuring accuracy and compliance. They will also calculate any tax due and advise on payment deadlines to avoid interest and penalties.
Can an accountant help me reduce my Capital Gains Tax when selling a property?
Yes, an accountant can provide valuable advice on Capital Gains Tax (CGT) when you sell a rental property. They will calculate your gain accurately, apply any available reliefs such as Private Residence Relief or Letting Relief, and consider the timing of the sale to minimise your liability. They can also advise on using losses to offset gains and ensure you meet all reporting requirements to HMRC within the specified deadlines.
How does using a certified accountant benefit my limited company property business?
If you hold properties in a limited company, a certified accountant can help you manage Corporation Tax, prepare statutory accounts, and ensure compliance with Companies House requirements. They will advise on extracting profits tax-efficiently, whether through salary or dividends, and help you plan for future growth. Their expertise ensures your company remains solvent and compliant, whilst maximising your after-tax returns.
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