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 provide a range of services including preparing and filing Self Assessment tax returns, calculating and advising on capital gains tax when selling a property, and ensuring all rental income and allowable expenses are correctly recorded. They also offer ongoing advice on tax-efficient structures, such as operating through a limited company, and can help with VAT registration and returns if your turnover exceeds the threshold. Many also provide bookkeeping, year-end accounts, and assistance with HMRC investigations or queries.
How can an accountant help me save money on my rental property taxes?
An accountant can help you save money by identifying all allowable expenses you may have overlooked, such as repairs, insurance, letting agent fees, and even some travel costs. They will also advise on the most tax-efficient way to structure your property ownership, whether as an individual or a limited company, and help you utilise annual exemptions and reliefs. By keeping accurate records and planning ahead, they can minimise your overall tax liability while ensuring you remain fully compliant with HMRC regulations.
What is the difference between an ACCA and an ICAEW accountant?
Both ACCA (Association of Chartered Certified Accountants) and ICAEW (Institute of Chartered Accountants in England and Wales) are prestigious professional bodies. ACCA accountants often have a strong focus on international accounting and business, while ICAEW chartered accountants are recognised for their expertise in UK taxation and audit. Both require rigorous training and ongoing professional development. When choosing an accountant, the specific qualification is less important than their experience with landlord taxation, so always check their track record.
Do I need a specialist accountant if I only have one rental property?
Even with a single rental property, the tax rules can be complex, particularly regarding mortgage interest relief, wear and tear allowance, and reporting rental income on your Self Assessment. A specialist accountant can ensure you are not overpaying tax and that your return is submitted correctly. They can also advise on the best way to keep records and what expenses you can claim. The cost of an accountant is often outweighed by the savings they identify and the peace of mind they provide.
How often should I meet with my accountant to review my property finances?
It is advisable to have a formal meeting with your accountant at least once a year, typically before the January Self Assessment deadline, to review your previous year's tax return and plan for the year ahead. However, you may wish to meet more frequently, such as quarterly, if you have a larger portfolio or are considering restructuring your ownership. Many accountants offer ongoing advice via email or phone, so you can ask questions as they arise rather than waiting for a scheduled meeting.
What records do I need to keep for my accountant to prepare my tax return?
You should keep a detailed record of all rental income received, including dates and sources. For expenses, keep receipts, invoices, and bank statements for anything you intend to claim, such as repairs, maintenance, letting agent fees, and insurance. Also keep records of any mortgage interest payments, which are subject to specific rules. If you sell a property, keep records of the purchase price, selling price, and any improvement costs. Your accountant will guide you on the specific records required for your situation.
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