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 provide a range of services including preparation of Self Assessment tax returns, calculation of allowable expenses, capital gains tax planning, and advice on VAT and Corporation Tax for property companies. They also assist with record keeping, HMRC enquiries, and tax-efficient structuring of property portfolios, ensuring landlords remain compliant while maximising their profits.
How can an accountant help with HMRC tax investigations?
If HMRC opens an investigation into your tax affairs, an accountant can act as your representative, handling all correspondence and providing the necessary documentation. They will ensure that your records are in order, respond to HMRC queries accurately, and negotiate on your behalf. This reduces stress and helps avoid penalties, as the accountant understands the legal requirements and can present your case effectively.
What qualifications should I look for when choosing an accountant?
Look for accountants who are members of recognised professional bodies such as ACCA, ICAEW, or AAT. These qualifications indicate that the accountant has undergone rigorous training and adheres to strict ethical and professional standards. Additionally, check if they have experience with landlord taxation specifically, as this ensures they are up to date with property-related tax laws and regulations.
Can an accountant help me save money on my property taxes?
Yes, a specialist landlord accountant can identify legitimate tax deductions and allowances you may have overlooked, such as repairs, insurance, and professional fees. They can also advise on the most tax-efficient structure for your property business, whether as an individual or a limited company, and help you plan for future capital gains. This proactive approach can significantly reduce your overall tax liability.
What is the difference between a chartered accountant and a certified accountant?
Chartered accountants are typically members of ICAEW or ICAS, while certified accountants are usually ACCA qualified. Both are highly respected and regulated, but their training and focus may differ. For landlord accounting, either qualification is suitable, as long as the professional has relevant experience. The key is to verify their registration with the appropriate body and confirm their expertise in property taxation.
How often should I meet with my accountant to review my tax position?
It is advisable to meet with your accountant at least twice a year, once before the end of the tax year to plan and once after to review your returns. However, if your circumstances change, such as purchasing a new property or changing your business structure, you should schedule an additional meeting. Regular communication ensures that you remain compliant and take advantage of any new tax reliefs.
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