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 reliefs can a landlord accountant help me claim?
A qualified accountant can help you claim various reliefs such as the property allowance, replacement of domestic items relief, and finance cost restrictions. They will also ensure you deduct all allowable expenses like repairs, insurance, and professional fees. By keeping detailed records and applying the correct rules, they maximise your tax efficiency and reduce your overall liability.
How does an accountant assist with my Self Assessment tax return?
An accountant will gather all your income and expense details, calculate your taxable profit, and complete your Self Assessment tax return accurately. They will ensure all figures are correct and submitted to HMRC before the deadline, avoiding penalties. They can also advise on payments on account and help you plan for future tax bills.
What are the benefits of using an ACCA or ICAEW certified accountant for my rental property?
ACCA and ICAEW certified accountants have undergone rigorous training and adhere to strict ethical standards. They possess in-depth knowledge of property taxation and are required to maintain their expertise through continuous professional development. This ensures you receive high-quality advice that is current and compliant with HMRC regulations, giving you confidence in your financial decisions.
Can an accountant help me if I let a property through a limited company?
Yes, an accountant can provide specialist advice on operating a property business through a limited company. They will assist with Corporation Tax returns, dividend planning, and ensuring compliance with Companies House requirements. They can also analyse the tax implications of transferring properties into a company and help you make informed decisions about your business structure.
How often should I meet with my accountant to review my property finances?
It is advisable to meet at least once a year to prepare your tax return, but many landlords benefit from quarterly reviews. Regular meetings help you stay on top of cash flow, plan for upcoming tax payments, and adjust your strategies in response to any changes in tax law. Your accountant can also provide ongoing advice throughout the year via phone or email.
What records should I keep for my accountant to prepare my accounts?
You should keep all records of rental income, including tenancy agreements and rent receipts, as well as invoices for any expenses such as repairs, maintenance, and professional fees. Bank statements and mortgage interest statements are also essential. Organising these documents in a digital or physical folder will make it easier for your accountant to prepare accurate accounts and ensure you claim all allowable deductions.
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