
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 services do landlord accountants provide?
Landlord accountants offer a range of services including preparing and submitting Self Assessment tax returns, calculating capital gains tax on property sales, advising on allowable expenses, and structuring your property business for tax efficiency. They also handle VAT returns if applicable, and can provide ongoing bookkeeping and financial planning to help you maximise your rental profits whilst staying fully compliant with HMRC regulations.
How can an accountant help with HMRC compliance for rental income?
An accountant ensures that all rental income is correctly declared to HMRC, and that you claim every allowable expense you are entitled to. They will keep accurate records, file your tax return on time, and respond to any queries from HMRC on your behalf. This reduces the risk of penalties and interest charges, and gives you confidence that your tax affairs are in order.
Why is it important to choose an ACCA or ICAEW qualified accountant?
ACCA and ICAEW qualifications are recognised as gold standards in the accounting profession, indicating that the accountant has undergone rigorous training and adheres to strict ethical guidelines. Choosing a qualified professional ensures you receive expert advice that is current and accurate, and that your financial affairs are handled with the highest level of competence and integrity.
Can a landlord accountant help with VAT registration and returns?
Yes, if your rental income exceeds the VAT threshold or you opt to register voluntarily, a landlord accountant can manage your VAT registration and prepare your VAT returns. They will advise on the correct treatment of supplies, input tax recovery, and the implications of the VAT flat rate scheme, ensuring you remain compliant and avoid any unnecessary tax costs.
What records should I keep for my landlord tax return?
You should keep records of all rental income received, including tenancy agreements and rent statements, as well as receipts for any expenses you wish to claim, such as repairs, insurance, and letting agent fees. Your accountant will also need details of any mortgage interest paid, and documentation related to property purchases or sales. Maintaining organised records will make the tax return process smoother and help you claim every deduction you are entitled to.
How often should I review my tax position with my accountant?
It is advisable to have a review at least once a year, ideally before the end of the tax year, to assess your projected income and plan for any tax liabilities. However, if your circumstances change, such as acquiring a new property or changing your business structure, you should consult your accountant promptly. Regular reviews help you adapt to legislative changes and optimise your tax position throughout the year.
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