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 returns do I need to file as a landlord in Surrey?
As a landlord, you typically need to file a Self Assessment tax return each year to declare your rental income and expenses. If you operate through a limited company, you will also need to file a Corporation Tax return. A specialist accountant can help you prepare and submit these returns accurately to HMRC, ensuring you claim all allowable deductions and meet all deadlines.
How can an ACCA or ICAEW qualified accountant help with my property taxes?
An ACCA or ICAEW qualified accountant has undergone rigorous training and adheres to high professional standards. They can provide expert advice on tax planning, help you structure your property business efficiently, and ensure compliance with HMRC regulations. Their expertise can help you reduce your tax bill legally and avoid penalties for errors or late filings.
What is the difference between a traditional accountant and a specialist landlord accountant?
A specialist landlord accountant focuses exclusively on property taxation and the unique financial issues faced by landlords. They are up-to-date with the latest legislation affecting rental income, such as changes to mortgage interest relief and the wear and tear allowance. This specialisation means they can offer more tailored and proactive advice compared to a general practitioner.
Can an accountant help me with VAT on my rental income?
Most residential rental income is exempt from VAT, but if you provide furnished holiday lettings or commercial property rentals, VAT may apply. A qualified accountant can advise you on whether you need to register for VAT, how to handle VAT on your expenses, and how to complete your VAT returns correctly, ensuring you remain compliant with HMRC.
How do I choose the right accountant for my property portfolio in Surrey?
When choosing an accountant, look for someone who is a member of a recognised body like ACCA, ICAEW, or AAT, and who has experience working with landlords. Consider their location, fees, and the range of services they offer. It is also wise to read client reviews and ask for references to ensure they are a good fit for your specific needs.
What records do I need to keep for my accountant to prepare my tax return?
You should keep detailed records of all rental income and expenses, including receipts for repairs, letting agent fees, and mortgage interest statements. You should also keep a record of the dates when your property was available for rent and when it was occupied. Your accountant can use this information to accurately complete your Self Assessment tax return and maximise your deductions.
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