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 reliefs can a landlord accountant help me claim?
A specialist landlord accountant can help you claim all allowable expenses such as mortgage interest (restricted to basic rate), repairs and maintenance, letting agent fees, insurance, and professional costs. They will also ensure you correctly claim capital allowances on furnishings and equipment. By analysing your portfolio, they can identify reliefs you may have missed, ensuring you pay no more tax than necessary.
How can an ACCA or ICAEW qualified accountant assist with HMRC enquiries?
If HMRC opens an enquiry into your tax return, having an ACCA or ICAEW qualified accountant is invaluable. They will handle all correspondence, prepare the necessary evidence, and represent you before HMRC. Their professional expertise ensures your rights are protected, and they can negotiate on your behalf to resolve disputes efficiently, reducing stress and potential penalties.
What is the difference between using a sole trader and a limited company for my rental properties?
As a sole trader, you pay Income Tax on your rental profits, whereas a limited company pays Corporation Tax on its profits. A limited company may offer tax planning advantages, such as retaining profits at lower tax rates, but involves additional administrative duties. An accountant can model both scenarios to determine the most tax-efficient structure for your specific circumstances.
Do I need to register for VAT on my rental income?
Residential property rental is generally exempt from VAT, meaning you do not charge VAT on rent. However, if you also provide services such as cleaning or maintenance, or if you rent commercial property, VAT rules may apply. A qualified accountant can assess your situation, advise on whether you need to register, and help you manage VAT returns correctly.
How often should I meet with my landlord accountant to review my finances?
It is advisable to have a formal review at least twice a year, typically before the end of the tax year and before the Self Assessment deadline. However, you should also maintain regular contact, especially when purchasing or selling property, changing your finance structure, or receiving a notice from HMRC. Your accountant can provide ongoing support as your portfolio evolves.
What records do I need to keep for my landlord tax return?
You must keep records of all rental income received and all expenses incurred, including receipts, invoices, bank statements, and tenancy agreements. You should also retain details of any property purchases or sales, including legal fees and stamp duty. Keeping accurate and organised records throughout the year will make preparing your tax return simpler and reduce the risk of errors.
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