
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 issues do accountants for landlords handle?
Accountants for landlords specialise in property-related tax matters, including preparing Self Assessment tax returns, calculating capital gains tax on property sales, and ensuring compliance with HMRC regulations. They also advise on allowable expenses, such as repairs, insurance, and professional fees, and help with mortgage interest relief restrictions. For landlords with larger portfolios, they may assist with VAT registration and returns, as well as Corporation Tax if the property is held within a limited company. Their expertise ensures you claim all legitimate deductions and avoid costly penalties.
How can an accountant help me with HMRC compliance?
An accountant ensures that you meet all HMRC deadlines and requirements, including filing your Self Assessment tax return on time and paying the correct amount of tax. They can handle correspondence with HMRC on your behalf, respond to queries or investigations, and help you set up a payment plan if you owe tax. Additionally, they stay updated on changes to tax legislation and digital reporting requirements, such as Making Tax Digital for income tax, ensuring that your records are always in the correct format and that you avoid any compliance issues.
What is the difference between an ACCA, ICAEW, and AAT qualified accountant?
ACCA and ICAEW are chartered accountancy bodies, requiring rigorous exams and practical experience, and their members are qualified to handle complex tax and business matters. AAT qualifications focus on practical accounting skills, such as bookkeeping and preparing accounts, and are often a stepping stone to chartered status. For landlords, choosing an ACCA or ICAEW member ensures a high level of expertise in tax planning and compliance, while an AAT-qualified professional may be sufficient for straightforward bookkeeping and tax return preparation. All are regulated and adhere to strict ethical standards.
Can an accountant help me reduce the tax I pay on my rental income?
Yes, a specialist property accountant can significantly reduce your tax liability by identifying all allowable expenses and reliefs you are entitled to, such as replacement furniture relief, property insurance, and letting agent fees. They can also advise on the most tax-efficient ownership structure, whether as an individual or through a limited company, and help you utilise capital allowances if you have furnished holiday lets. By strategically planning the timing of income and expenditure, and ensuring you do not overpay tax, they help you keep more of your rental profits legally.
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 tenancy agreements, rent statements, invoices for repairs and maintenance, utility bills if you pay them, and receipts for any professional fees. You also need to track mortgage interest payments and any capital expenditure on the property. Your accountant will need these to accurately calculate your profit and ensure you claim all deductions. Using digital bookkeeping software can simplify this process, and your accountant can recommend suitable tools or even manage your records for you.
How often should I meet with my accountant to discuss my property portfolio?
It is advisable to have a meeting at least once a year to review your tax position and plan for the upcoming year. However, if you have a growing portfolio or are considering significant transactions, such as buying or selling a property, you should consult your accountant more frequently. Many accountants offer quarterly or bi-annual check-ins to ensure you are on track with tax payments and to adjust strategies as needed. Regular communication helps you stay ahead of tax changes and make informed decisions throughout the year.
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