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 offer?
Accountants for landlords typically provide services including preparing and filing Self Assessment tax returns, calculating Capital Gains Tax on property sales, advising on allowable expenses, and ensuring compliance with HMRC regulations. They also help with VAT registration and returns, Corporation Tax for limited company landlords, and tax planning to minimise liabilities. Many offer year-round advice and support for property portfolio growth.
How can an accountant help with HMRC compliance for rental income?
An accountant ensures that all rental income is accurately reported to HMRC and that you claim every legitimate deduction, such as mortgage interest, repairs, and letting agent fees. They keep you updated on changes in tax law, help you meet filing deadlines, and respond to any HMRC enquiries on your behalf. This reduces the risk of penalties and interest charges.
Why is it important to choose an ACCA or ICAEW accredited accountant?
ACCA and ICAEW are professional bodies that require members to adhere to strict ethical and technical standards. Choosing an accountant with these accreditations ensures they have the necessary expertise and ongoing training to handle complex property tax matters. It also provides you with recourse if something goes wrong, as these bodies have complaints procedures.
Can an accountant help me reduce my tax bill as a landlord?
Yes, a qualified accountant can identify legal tax reliefs and allowances you may be missing, such as the property allowance, replacement of domestic items relief, and capital allowances for furnished holiday lets. They can also advise on the most tax-efficient structure for your property business, whether as an individual or a limited company, potentially saving you significant amounts.
What should I look for when comparing accountants for landlords?
When comparing accountants, consider their experience with landlord clients, their qualifications (ACCA, ICAEW, AAT), and whether they offer fixed-fee packages. Look for reviews from other landlords, check their response times, and ensure they are registered with HMRC as agents. It is also beneficial to choose someone who offers proactive tax planning advice throughout the year.
How often should I meet with my accountant for property tax matters?
It is advisable to have a meeting at least twice a year: once to plan your tax strategy before the end of the tax year, and once to prepare your Self Assessment return. However, you may need more frequent contact if you are buying or selling property, changing your business structure, or if HMRC contacts you. Many accountants offer ongoing support via phone or email.
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