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
Why do property investors need a specialist accountant rather than a general practitioner?
Property taxation involves specific rules around rental income, capital gains, Stamp Duty Land Tax and allowable expenses that general accountants may not handle daily. A specialist understands HMRC guidance for landlords and developers, identifies reliefs and ensures tax returns reflect property income correctly. This reduces the risk of errors, penalties and missed planning opportunities.
What qualifications should I look for when choosing an accountant for property investment?
Look for membership of recognised bodies such as ACCA, ICAEW or AAT. These qualifications indicate professional standards, ongoing training and adherence to ethical codes. Members can advise on VAT, Corporation Tax and Self Assessment, and often hold specialist knowledge of property tax returns. Verify registration status before appointing any professional.
How can an accountant help with VAT and Corporation Tax on property activities?
An accountant can assess whether VAT registration is required, prepare and submit VAT returns, and advise on options such as the Flat Rate Scheme. For properties held in a company, they calculate Corporation Tax liabilities, manage payments and ensure accounts comply with HMRC requirements. This keeps filings accurate and deadlines met.
Do I need to submit a Self Assessment tax return if I rent out property?
Yes, if you receive rental income above the property allowance threshold, you must declare it to HMRC. A qualified accountant prepares your Self Assessment tax return, calculates tax due, and identifies allowable expenses such as repairs, insurance and professional fees. This ensures compliance and may reduce your overall liability.
What is the benefit of comparing accountants through a directory?
A directory allows you to compare qualifications, specialisms and services before making contact. You can review firms featured in the directory, assess their experience with property investors and request quotes. This saves time and helps you select a professional suited to your portfolio, whether you need tax returns, VAT support or Corporation Tax advice.
Can an accountant assist with capital gains when selling an investment property?
Yes. Accountants calculate capital gains, apply available reliefs and allowances, and report disposals to HMRC within deadlines. They can also advise on timing, record-keeping and whether incorporation or other structures may be beneficial. This ensures your tax return is accurate and any liability is managed efficiently.
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