
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?
As a landlord, you are typically required to complete a Self Assessment tax return each year, declaring your rental income and allowable expenses. If you operate through a limited company, you will also need to file a Corporation Tax return. A qualified accountant can help you identify all relevant forms and ensure they are submitted correctly to HMRC, avoiding penalties and interest on late filings.
How can an accountant help me with HMRC compliance?
An accountant ensures that your tax affairs are fully compliant with HMRC regulations. They will accurately calculate your taxable profit, apply all available reliefs, and submit your returns on time. They can also represent you in the event of an HMRC enquiry or investigation, providing expert advice and documentation to support your position, which reduces stress and risk.
What is the difference between ACCA, ICAEW, and AAT qualified accountants?
ACCA and ICAEW are chartered accountancy bodies, requiring rigorous exams and practical experience, often specialising in complex tax and business matters. AAT qualifications focus on practical bookkeeping and accounting skills, ideal for day-to-day financial management. All three are recognised professional qualifications, but chartered accountants typically offer more advanced strategic and tax planning expertise.
Can you claim tax relief on mortgage interest for rental properties?
Yes, but the rules changed in 2017. You cannot deduct your full mortgage interest from your rental income to reduce your tax bill. Instead, you receive a tax credit based on 20% of your interest payments. A specialist landlord accountant can calculate this correctly and advise on whether incorporating your property business might be more tax-efficient for your circumstances.
How do I choose the right accountant for my property portfolio?
Look for a professional who has specific experience with landlord taxation and understands the local property market in Trafalgar. Check their qualifications, such as ACCA or ICAEW membership, and read client reviews. On AccountingFirms, you can compare providers, view their specialisms, and request quotes, ensuring you select an accountant who is a good fit for your portfolio size and complexity.
What records do I need to keep for my rental income?
You must keep detailed records of all rental income and expenses, including rent received, letting agent fees, maintenance costs, insurance, and any other property-related expenditure. You should also retain copies of tenancy agreements and receipts for at least five years after the filing deadline. An accountant can help you organise your records and advise on the best digital tools for tracking your finances.
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