
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 typically provide?
Accountants for landlords typically offer services such as preparing and submitting Self Assessment tax returns, calculating and advising on capital gains tax, and ensuring that all allowable expenses are claimed correctly. They also provide bookkeeping, help with VAT registration and returns, and offer strategic advice on property portfolio structure. Many also handle HMRC correspondence and can represent you in the event of a tax enquiry, giving you complete peace of mind regarding your property finances.
How can an accountant help me with my HMRC tax return as a landlord?
An accountant can help you with your HMRC tax return by accurately calculating your rental income and expenses, ensuring you claim every deduction you are entitled to, and submitting the return before the deadline. They can also advise on how to report income from properties let through platforms like Airbnb, and they can help you understand your obligations under Making Tax Digital. This reduces the risk of errors and penalties, and it saves you time and stress.
What qualifications should I look for in an accountant for my property business?
When choosing an accountant, look for qualifications from recognised professional bodies such as ACCA, ICAEW, or AAT. These qualifications ensure that the accountant has undergone rigorous training and adheres to a strict code of ethics. Additionally, it is beneficial to find an accountant who has experience specifically with property taxation, as they will be familiar with the unique rules and allowances that apply to landlords. Membership in a professional body also means they are required to keep their knowledge up to date.
Can an accountant help me with VAT on my rental income?
Yes, an accountant can help you understand whether you need to register for VAT, which is particularly relevant if you rent out commercial properties or if your rental income exceeds the VAT threshold. They can assist with the VAT registration process, advise on the different schemes available, and help you complete your VAT returns accurately and on time. They can also advise on the recovery of input VAT on property-related purchases, ensuring you are not paying more tax than necessary.
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 usually members of ACCA. Both are highly qualified and regulated, but the training and examination routes differ slightly. Chartered accountants often have a strong focus on audit and financial reporting, whereas certified accountants may have a broader business focus. For most landlords, either qualification is perfectly suitable, and the choice may come down to personal preference or the specific expertise of the individual accountant.
How often should I meet with my accountant to review my property finances?
It is advisable to meet with your accountant at least once a year to review your tax return and overall financial position. However, many landlords benefit from more frequent contact, such as quarterly or twice-yearly meetings, to discuss cash flow, planned property purchases, or changes in tax legislation. Regular communication ensures that you are always aware of your tax liabilities and can make informed decisions about your portfolio. Your accountant can also help you with year-end tax planning to minimise your liabilities.
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