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HUBBLE ACCOUNTANCY LTD
This listing was generated using publicly available data to enhance visibility for businesses. If this is your business, claim your profile to update details.
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MRC Accounting Services
Providing accounting services and solutions
Frequently asked questions
What specific tax issues do accountants for landlords in Redruth handle?
Accountants for landlords in Redruth handle a range of tax issues including Self Assessment tax returns, capital gains tax on property sales, and the restriction on mortgage interest relief. They also advise on allowable expenses, such as repairs and maintenance, and ensure compliance with HMRC regulations. For landlords with furnished holiday lets, they provide specialist guidance on the more favourable tax treatment available. They can also assist with VAT if your rental income exceeds the threshold, and they help with tax planning to minimise your liabilities.
How can an accountant help me with HMRC compliance?
An accountant helps with HMRC compliance by ensuring your tax returns are accurate and submitted on time, avoiding penalties. They keep you informed about changes in tax law that affect landlords, such as Making Tax Digital requirements. They also maintain proper records of your income and expenses, which is essential if HMRC enquires into your tax affairs. If you are contacted by HMRC, your accountant can represent you and handle the correspondence, reducing your stress and ensuring that your rights are protected throughout the process.
What qualifications should I look for in a landlord accountant?
You should look for an accountant who is a member of a recognised professional body such as ACCA, ICAEW, or AAT. These qualifications ensure the accountant has undergone rigorous training and adheres to strict ethical standards. Additionally, you may want to find an accountant who specialises in property taxation and has experience working with landlords. This specialisation means they are up to date with the latest tax rules and can offer proactive advice to help you maximise your profits. You can verify their credentials through the professional body's register.
Can an accountant help me with VAT if I let commercial property?
Yes, an accountant can help you with VAT if you let commercial property. They can advise on whether you need to register for VAT, how to handle the option to tax, and how to reclaim input VAT on your business expenses. They will also ensure your VAT returns are filed correctly and on time, and they can help you navigate the complexities of partial exemption if you have both taxable and exempt supplies. This specialist advice can save you money and ensure you remain compliant with HMRC.
What is the difference between a sole trader and a limited company for landlords?
As a sole trader, you report rental income on your Self Assessment tax return and pay income tax on your profits. As a limited company, the company pays Corporation Tax on its profits, and you may pay dividends to shareholders. An accountant can help you decide which structure is best for your circumstances, considering factors such as the number of properties, your income level, and your long-term goals. They will also explain the administrative responsibilities of running a limited company, including filing annual accounts and Confirmation Statements with Companies House.
How often should I meet with my accountant to discuss my property finances?
It is advisable to meet with your accountant at least twice a year, once before the end of the tax year to plan and once after to review your tax position. However, you may need more frequent meetings if your circumstances change, such as buying or selling a property, or if you are considering restructuring your portfolio. Many accountants offer ongoing support and are available for ad-hoc queries. Regular communication ensures that you are making informed decisions and that your tax planning is up to date.
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