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 accountants for landlords offer?
Accountants for landlords typically offer a range of services including preparing and filing Self Assessment tax returns, calculating Capital Gains Tax on property sales, advising on allowable expenses, and helping with mortgage interest relief. They can also assist with bookkeeping, preparing financial statements for mortgage applications, and providing guidance on whether to hold property personally or through a limited company. Many firms also offer proactive tax planning to help you minimise your liabilities legally.
Why is it important to use an accountant who is ACCA or ICAEW accredited?
Using an accountant who is accredited by a professional body such as ACCA or ICAEW ensures that you are dealing with a qualified and regulated professional. These bodies enforce strict ethical standards and require members to maintain their technical knowledge through continuing professional development. This means your accountant is up to date with the latest tax laws and HMRC regulations, providing you with accurate advice and reducing the risk of errors or penalties on your tax filings.
How can an accountant help me with HMRC compliance as a landlord?
An accountant can help you stay fully compliant with HMRC by ensuring that all your tax returns are filed correctly and on time. They can also handle any correspondence from HMRC on your behalf, including tax enquiries or investigations. Additionally, they will advise you on the correct record-keeping practices required by HMRC, help you understand your obligations regarding Making Tax Digital, and ensure that you pay the correct amount of tax, avoiding both underpayment penalties and overpayment.
What is the difference between a self-employed landlord and a limited company landlord in terms of tax?
A self-employed landlord pays income tax on rental profits at their marginal rate, and is subject to Class 2 and Class 4 National Insurance contributions. In contrast, a limited company landlord pays Corporation Tax on profits, which is currently lower than the higher rates of income tax. However, extracting profits from a company may involve dividend tax. An accountant can model both scenarios to determine which structure is more tax-efficient for your specific circumstances, considering your overall income and long-term plans.
How often should I meet with my accountant to review my property portfolio?
It is advisable to meet with your accountant at least twice a year. One meeting should be before the end of the tax year to review your income and expenses and to plan any last-minute tax-saving measures. The second meeting should be after the tax year ends to finalise your accounts and prepare your tax return. Additionally, you should consult your accountant whenever you are considering buying or selling a property, as they can provide valuable advice on the tax implications.
What records do I need to keep as a landlord for my accountant to prepare my tax return?
You need to keep detailed records of all rental income received and all expenses incurred, such as repairs, insurance, letting agent fees, and mortgage interest. You should also retain receipts, invoices, and bank statements. If you own a furnished property, you may be able to claim the furnished holiday lettings allowance, which requires separate records. Your accountant will need these records to accurately calculate your taxable profit and ensure you claim all allowable deductions.
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