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
GE ACCOUNTANCY LTD
Specialist Motor Trade Accountant with over 20 years. Accountancy & Book Keeping Services offered including VAT Preparation & Submission, Self Assessm...See More
C & B Accounting Solutions Ltd
All aspects of bookkeeping, payroll & accounting undertaken
Holden Associates
Holden Associates are a family run business founded in 2002, we are located at V12, Merlin Park, a modern purpose-built office in Burscough, Lancashir...See More
MJF ACCOUNTANCY LIMITED
BROOKSON LIMITED
Why Brookson? There are plenty of reasons. We’re specialists at dealing with self-employed finances, and have been doing this for over 20 years, so we...See More
LLOYDS ACCOUNTANTS LTD
We offer accounts, taxation and business advisory and support services to a wide range of businesses and individuals, nationwide. We continue to build...See More
PAYLESS ACCOUNTING & OUTSOURCING LIMITED
We provide businesses with greater flexi...See More
NIXON WILLIAMS LIMITED
Nixon Williams has been providing specialist accountancy services to contractors, freelancers, consultants and interim professionals throughout the UK...See More
Oakes Accounting
Oakes Accounting specializes in providing tailor made accounting services, including bookkeeping, VAT and self assessment to small businesses.
Athena Bookkeeping Services
Athena Accounting and Bookkeeping Services. ?Let us take good care of your finances giving you more time to focus on the day to day running of your bu...See More
Harris Rosenberg Chartered Accountants
We help small-scale and early-stage businesses get to where ...
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GORILLA ACCOUNTING LIMITED
orilla Accounting was born after a group of specialist accountants with decades of experience amongst them, decided that accounting shouldn’t be a lab...See More
Cheaper Accountant
We're the UK's leading low cost accountants. Simple & affordable fees with Company Accounts & Co. Tax Retu...See More
ACCOUNTS 2U LIMITED
Our director, Howard Turner MAAT ATT, qualified as an accounting and taxation technician in 1995 after training with chartered accountants in Cheshire...See More
Sambhav Management Limited
Since 2012, we’ve offered clients the tools, resources and guidance necessary for all their accounting needs. Clients receive the personalized attenti...See More
Clarity Accountants
We work closely with our clients and act for a broad range of business and personal clients. Apart from the more general accountancy services we can a...See More
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Norbury Bookkeeping Services
We offer a complete bookkeeping and computerized payroll service throughout Cheshire and South Manchester and are able to offer support for all financ...See More
Pepperhill Associates
Xero Certified Adviser - Remote service taking care of all your bookkeeping needs. Providing a professional, confidential, flexible and reliable bookk...See More
Frequently asked questions
What specific services do accountants for landlords in Skelmersdale provide?
Accountants for landlords in Skelmersdale typically offer a range of services tailored to property owners. These include preparing and filing Self Assessment tax returns, calculating and advising on capital gains tax, managing VAT returns for larger portfolios, and preparing annual accounts for limited company landlords. They also provide tax planning advice, help with record keeping, and ensure compliance with HMRC regulations. Many firms offer ongoing support throughout the year, not just at tax return deadlines, which helps landlords stay on top of their financial obligations and make informed decisions about their investments.
How can an accountant help me with my HMRC tax return as a landlord?
An accountant can significantly simplify your HMRC tax return process. They will ensure that all your rental income is declared accurately and that you claim every allowable expense, such as property repairs, insurance, and letting agent fees. They also handle the calculation of any tax due, including higher-rate tax on rental profits, and submit the return electronically to HMRC on your behalf. This reduces the risk of errors, avoids penalties for late filing, and ensures you meet all deadlines. Additionally, they can advise on how to structure your finances to minimise your tax liability legally.
Why is it important to choose an ACCA or ICAEW qualified accountant for my property business?
Choosing an ACCA or ICAEW qualified accountant provides assurance of professional competence and ethical standards. These qualifications require rigorous training, continuous professional development, and adherence to strict codes of conduct. Such accountants are well-versed in current tax legislation and accounting practices, which is essential for the complex rules surrounding property taxation. They are also regulated by their professional bodies, offering you recourse if something goes wrong. By selecting a qualified professional, you reduce the risk of costly mistakes and gain confidence that your financial affairs are handled correctly and in your best interest.
What is the difference between using a limited company and being a sole trader for my rental properties?
The main difference lies in how profits are taxed. As a sole trader, you pay income tax on your rental profits via Self Assessment, whereas a limited company pays Corporation Tax on its profits. Limited companies may offer tax advantages, such as lower Corporation Tax rates and the ability to split income through dividends, but they also involve additional administrative burdens and costs. An accountant can analyse your specific circumstances, including the number of properties, your income level, and your long-term goals, to recommend the most tax-efficient structure. They will also help you understand the implications of each option, including the tax treatment of mortgage interest and potential capital gains tax on transferring properties.
How do I know if I need to be VAT-registered as a landlord?
VAT registration is generally required if your total taxable turnover exceeds the current VAT threshold, which is £90,000. However, most residential property rentals are exempt from VAT, meaning you may not need to register even if your rental income is high. There are exceptions, such as furnished holiday lettings, which are subject to VAT. An accountant can assess your specific situation, including any other business activities you may have, to determine whether you are required to register for VAT. They can also advise on voluntary registration, which may be beneficial if you incur significant VAT on your property expenses, allowing you to reclaim that input tax.
What records do I need to keep for my accountant to prepare my tax return?
To prepare an accurate tax return, your accountant will need comprehensive records of your rental income and expenses. This includes tenancy agreements, rent receipts, bank statements, invoices for repairs and maintenance, insurance policies, and records of any other property-related costs. You should also keep details of any mortgage interest payments, as these are subject to special rules. If you have a furnished property, you may be able to claim a wear and tear allowance, so keep records of furniture purchases. Your accountant will provide a checklist to ensure you gather all necessary documentation, making the process smoother and more efficient.
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