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 services such as preparing and filing Self Assessment tax returns, calculating allowable expenses, advising on capital gains tax when selling a property, and helping with VAT if your rental income exceeds the threshold. They can also assist with Corporation Tax if you hold properties within a limited company, and they provide ongoing tax planning to minimise your liabilities while ensuring full compliance with HMRC requirements.
How do I know if an accountant is properly qualified?
Look for accountants who are members of recognised professional bodies such as ACCA, ICAEW, or AAT. These qualifications require rigorous training, ongoing professional development, and adherence to strict ethical standards. You can verify an accountant's credentials by checking the registers maintained by these bodies or by asking the accountant directly. The firms listed on AccountingFirms are all verified and regulated, giving you confidence in their expertise and professionalism.
Can an accountant help me reduce my tax bill as a landlord?
Yes, a qualified accountant will identify all allowable expenses you can claim, such as mortgage interest, repairs, insurance, and professional fees. They will also advise on the most tax-efficient structure for your property business, whether that is owning personally or through a limited company. By planning ahead and using all available reliefs, an accountant can legitimately reduce your tax liability while ensuring you remain within HMRC guidelines.
What records do I need to keep for my landlord tax return?
You need to keep detailed records of all rental income and expenses, including tenancy agreements, receipts for repairs and maintenance, mortgage interest statements, and records of any other property-related costs. You should also keep a log of any periods when the property was vacant. These records must be retained for at least five years after the submission deadline, as HMRC may request them to verify your return.
How often should I meet with my accountant?
It is advisable to meet with your accountant at least once a year to prepare your Self Assessment return, but more frequent meetings can be beneficial, especially if you are expanding your portfolio or making significant financial decisions. Many landlords choose to have quarterly reviews to discuss cash flow, tax planning, and any changes in legislation. Regular communication ensures that you are always prepared and that no opportunities for savings are missed.
What happens if I miss the Self Assessment deadline?
If you miss the Self Assessment deadline of 31 January, you will face an automatic penalty of £100, and further penalties will accrue if you delay filing. Your accountant can help you avoid this by ensuring your return is submitted on time, and if you have missed the deadline, they can assist you in filing as quickly as possible to minimise any additional charges. They can also advise on payment arrangements if you are unable to pay your tax bill in full.
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