
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 advice can an accountant for landlords in Oxon provide?
An accountant specialising in landlord taxation can offer advice on a range of issues, including how to report rental income on your Self Assessment tax return, claiming allowable expenses such as repairs and insurance, and understanding the rules for mortgage interest relief. They can also guide you on the tax treatment of furnished holiday lets, assist with VAT registration if applicable, and help you plan for Capital Gains Tax when selling a property. Their expertise ensures you remain compliant with HMRC whilst minimising your tax liability.
How do I know if an accountant is properly qualified and regulated?
Qualified accountants in are typically members of professional bodies such as ACCA, ICAEW, or AAT. These organisations require members to meet rigorous training and ethical standards, and to undertake continuing professional development. You can verify an accountant's credentials by checking the register of the relevant professional body. Firms listed on directories like AccountingFirms are vetted to ensure they are regulated and hold the necessary qualifications, giving you confidence in their expertise.
Can an accountant help me if I let properties through a limited company?
Yes, many accountants for landlords have extensive experience advising on property businesses structured through a limited company. They can assist with Corporation Tax returns, ensure that you extract profits in a tax-efficient manner, and advise on the interaction between salary and dividends. They can also help with the preparation of statutory accounts and ensure that all company filings are completed on time. This specialist advice is crucial for maximising your after-tax income whilst remaining fully compliant with HMRC regulations.
What records do I need to keep as a landlord for my accountant?
You should keep detailed records of all rental income received and all expenses incurred, including receipts for repairs, maintenance, insurance, and professional fees. You also need to retain records of any mortgage interest payments, details of property purchases and sales, and any relevant capital expenditure. Your accountant will use this information to prepare your tax return accurately and to substantiate any claims if HMRC enquires into your affairs. Good record-keeping simplifies the process and helps you avoid missing out on legitimate deductions.
How often should I meet with my accountant to discuss my rental portfolio?
It is advisable to have a meeting at least once a year to review your tax position and plan for the year ahead. However, if you have a growing portfolio or are considering significant changes, such as buying or selling a property, more frequent consultations can be beneficial. Many accountants offer ongoing support throughout the year, so you can contact them whenever you have a query or a new development arises. Regular communication ensures that you are always aware of your tax obligations and can make informed decisions.
What should I do if I receive a letter from HMRC about my rental income?
If you receive a letter from HMRC regarding your rental income, it is important not to ignore it. Contact your accountant immediately, as they can review the correspondence and advise on the appropriate response. They can help you gather the necessary documentation, submit any required information, and represent you in communications with HMRC. Whether it is a routine query or a more detailed investigation, having a professional handle the matter can reduce stress and ensure that your rights are protected throughout the process.
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