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 issues do accountants for landlords handle?
Accountants for landlords specialise in property-related tax matters, including preparing Self Assessment tax returns, calculating Capital Gains Tax on property sales, and advising on mortgage interest relief. They also help with VAT registration and returns if your rental income is over the threshold, and they ensure you claim all allowable expenses such as repairs, insurance, and letting agent fees. Their expertise ensures full compliance with HMRC regulations.
How can an ACCA or ICAEW qualified accountant benefit my property business?
An ACCA or ICAEW qualified accountant brings a high level of technical knowledge and ethical standards to your property business. They are regulated by professional bodies, meaning they must adhere to strict guidelines and continuous professional development. This ensures they are up to date with the latest tax legislation and can provide strategic advice on structuring your portfolio, whether as an individual or through a limited company, to minimise your tax liability.
Do I need a separate accountant for my rental income if I am already employed?
If you receive rental income alongside employment, you are still required to report this to HMRC through a Self Assessment tax return. A dedicated accountant for landlords can help you complete this accurately, ensuring you declare all income and claim the correct expenses. They can also advise on whether you need to make payments on account and how to manage your overall tax position, which is particularly useful if you are a higher-rate taxpayer.
What is the difference between using a limited company and being a sole trader for property rental?
As a sole trader, you pay Income Tax on your rental profits, whereas a limited company pays Corporation Tax on its profits, which can be lower. However, a limited company involves additional administrative duties such as filing annual accounts and Company Tax Returns. An accountant can analyse your specific situation, considering factors like mortgage interest relief changes and your long-term plans, to recommend the most tax-efficient structure for your property portfolio.
How often should I meet with my accountant to discuss my property portfolio?
It is advisable to have a formal meeting at least twice a year: once before the tax year end to plan for any upcoming liabilities, and once after to review your annual accounts and tax return. However, your accountant should be available throughout the year for ad hoc queries, such as when you purchase a new property or make significant improvements. Regular communication ensures that you are always aware of your tax position and can make informed decisions.
What records do I need to keep for HMRC as a landlord?
You must keep records of all income and expenses related to your rental properties, including rent received, letting agent fees, maintenance costs, and mortgage interest. You should also retain receipts, invoices, and bank statements for at least five years after the 31 January submission deadline. A professional accountant can help you set up an efficient record-keeping system, whether using spreadsheets or accounting software, to ensure you are always HMRC-compliant and ready for any inspection.
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