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 typically manage Self Assessment tax returns, calculate allowable expenses such as repairs and insurance, and advise on capital gains tax when selling a property. They also help with VAT registration and returns if applicable, and can assist with Corporation Tax if you run your rental business through a limited company. Their expertise ensures you claim every legitimate deduction and remain compliant with HMRC requirements.
How can an accountant help me with HMRC compliance?
An accountant ensures that all your tax filings are accurate and submitted on time, reducing the risk of penalties from HMRC. They keep abreast of changes in tax legislation and digital reporting requirements, such as Making Tax Digital for income tax. They also maintain proper records and can represent you in the event of an HMRC enquiry, giving you peace of mind that your affairs are in order.
What qualifications should I look for in a landlord accountant?
Look for accountants who are members of recognised professional bodies such as ACCA, ICAEW, or AAT. These qualifications demonstrate a high level of training, ethical standards, and ongoing professional development. Additionally, seek someone with specific experience in property taxation, as this ensures they understand the nuances of rental income, capital allowances, and the latest HMRC rules affecting landlords.
Can an accountant help me reduce my tax bill legally?
Yes, a qualified accountant can identify legitimate tax reliefs and allowances that you may have overlooked. For example, they can help you claim relief for replacing furnishings, deduct the cost of professional fees, and structure your finances to minimise capital gains tax. They also advise on the most tax-efficient ownership structure, whether as an individual or through a limited company, ensuring you pay only what you owe.
How often should I meet with my accountant?
It is advisable to have a formal meeting at least twice a year, once to plan your tax strategy and once to review your year-end accounts. However, your accountant should be available for ad hoc queries throughout the year, especially when you are considering a new property purchase or significant changes to your portfolio. Regular communication helps ensure that you are always making informed decisions.
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 members of ACCA. Both qualifications are highly respected and require rigorous exams and practical experience. The main difference lies in the awarding body and the specific focus of the training. For landlord accounting, either qualification is suitable, provided the accountant has relevant experience in property taxation.
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