ACCOTAX - Accountants & Tax Consultants
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KUBED SOLUTIONS LIMITED
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BLUEBIRD ACCOUNTANCY LIMITED
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John Lavender accounting ltd
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SJD ACCOUNTANCY LIMITED
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Ashden Accountants
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TAA CONSULTANTS LTD
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MAKESWORTH LIMITED
Makesworth
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DOLAN ACCOUNTANCY LIMITED
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MADE SIMPLE GROUP LIMITED
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Frequently asked questions
What specific services do accountants for landlords typically provide?
Accountants for landlords typically provide services such as preparing and filing Self Assessment tax returns, calculating rental income and allowable expenses, advising on capital gains tax when selling properties, and ensuring compliance with HMRC regulations. They may also assist with VAT registration and returns if your rental income exceeds the threshold, and offer tax planning strategies to minimise liabilities. For landlords operating through a limited company, they can manage Corporation Tax returns and provide advice on extracting profits efficiently.
How can an accountant help me with my HMRC tax return as a landlord?
An accountant can help you complete your HMRC tax return accurately and on time, ensuring you declare all rental income and claim every legitimate expense. They will organise your financial records, calculate your taxable profit, and advise on any losses that can be carried forward. If you have multiple properties or complex income streams, they ensure all sections are completed correctly. They also act as your agent, handling any correspondence with HMRC and representing you in the event of an enquiry or investigation.
What qualifications should I look for when choosing a landlord accountant?
When choosing a landlord accountant, look for professional qualifications from recognised bodies such as ACCA, ICAEW, or AAT. These accreditations guarantee a high level of training, ethical standards, and continuing professional development. You should also consider experience specifically with property taxation, as this ensures familiarity with landlord-specific issues like furnished holiday lettings, non-resident landlords, and multiple dwelling relief. Checking that the accountant is registered with a professional body also provides access to an ombudsman scheme if you have a complaint.
Can an accountant help reduce my tax bill as a landlord?
Yes, an accountant can help reduce your tax bill legally by identifying all allowable expenses, such as repairs, insurance, letting agent fees, and professional services. They can also advise on capital allowances for furniture and equipment, and structure your finances efficiently, for example by using a limited company if appropriate. They will ensure you pay the correct amount of tax and no more, while keeping you compliant with HMRC rules. Regular tax planning with an accountant can lead to significant savings over time.
What is the difference between a sole trader landlord and a limited company landlord for tax purposes?
A sole trader landlord pays income tax on rental profits through Self Assessment, with rates from 20% to 45%. A limited company landlord pays Corporation Tax on profits, currently at 19% to 25%, and may be more tax-efficient for higher-rate taxpayers. However, extracting profits as dividends incurs additional tax, and there are compliance costs for company accounts. An accountant can model both scenarios to help you decide which structure is best for your circumstances, considering factors like mortgage interest relief restrictions and future sale plans.
How often should I meet with my landlord accountant for tax planning?
It is advisable to meet with your landlord accountant at least twice a year. One meeting should occur before the tax year end to review your projected income and expenses, allowing time to implement tax-saving strategies. Another meeting after the year end helps finalise your tax return and discuss any changes in legislation. Additionally, you should contact them whenever you buy or sell a property, change your mortgage structure, or receive a letter from HMRC. Regular communication ensures you remain compliant and optimise your tax position throughout the year.
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