Accountants for Landlords in London

Accounting & Taxation Services for Limited Companies

The go-to Accountants for Landlords in London

Owing a buy to let property in United Kingdom in an achievement and surely and exciting moment but on the other hand it could be daunting. There are certain other things that you need to consider such as finding the right tenants, dealing with property agents, getting the property insurance and last but not least, filing personal tax return and declaring the rental income.

 

More than just an Accountants for landlord.

 

Here at ACCOTAX – also known as Accountants for landlords in London, we are more than just an average accountant. We have a team of tax expert who closely work with hundreds of landlords and property owner and help them to save taxes.  We will personally take you through all the special tax reliefs available only to landlords. As a landlord, you can reap financial rewards with a running business from the comfort of your home, and we at ACCOTAX can guide you on how to purchase properties with your financial gains keeping tax-efficiency in mind. Our landlord accountants can also advise you on accounting records that you need to keep a hold on and guide you on how and where to invest your rental gains.

 

If you are someone who have a portfolio of properties or just starting in the business, we at ACCOTAX can help you reduce your taxes as a landlord and advise you on how to benefit from your rental income. We have specially designed packages for landlords, so you will have an opportunity to pick relevant package offered from landlord accountants in London. We closely work with several landlords who own the properties through their SPV’s, so If you are looking for SPV accountants in London then you have come to the right place. Please visit our SPV accounting packages page to compare the packages.

 

Who can claim Rent a room relief?

 

You need to be vigilant to enjoy tax relief on renting a room. If you keep up with the Landlord rules and regulations that keep on changing each year, then this vigilance can pay off big time. Our specialised team of Landlord accountants keeps you updated on this front and help you navigate through these changes that can affect you as a Landlord.

Rent a room provides a tax-free limit of £7,500 per annum for people letting accommodation in their own homes. If there is more than one recipient of the income, each person gets relief up to £3,750. It applies automatically and does not have to be claimed.

The accommodation must be furnished, in the UK, and the lessor’s only or main residence for at least some of the year. The relief does not cover letting the space for use as an office, storeroom or garage, or to a company or partnership. Rent a room can cover services as well as rent – for example, providing bed and breakfast.

Rent a room applies to gross rents not profits. If the threshold is exceeded, the taxpayer can elect to be taxed on the excess over £7,500 or disapply the relief and be taxed on normal income and expenditure rules.

The current rules mean that rent a room will be available where the taxpayer lets out their whole home (for example, while they go on holiday), and they and the tenants are not there at the same time. (Courtesy : ICAEW)

 

Should I buy a property under Limited Company?

 

This is one of the most common & hot question now a days. The answer is not simple, we need to know your personal circumstances in order to guide you in the right direction. Due to restriction on finance cost by HMRC, Landlords will only be able to obtain relief as follows:

  • in 2017 to 2018 the deduction from property income (as is currently allowed) will be restricted to 75% of finance costs, with the remaining 25% being available as a basic rate tax reduction
  • in 2018 to 2019, 50% finance costs deduction and 50% given as a basic rate tax reduction
  • in 2019 to 2020, 25% finance costs deduction and 75% given as a basic rate tax reduction
  • from 2020 to 2021 all financing costs incurred by a landlord will be given as a basic rate tax reduction

Due to the above changes, our general advice is to buy the property under SPV’s, especially if you already own buy to let properties.

 

Do you pay taxes on Rental Income in UK as a non-Resident?

 

Yes, if you are non-resident and own a rental property in the UK under your personal name or via an Overseas company, you will have to pay taxes in the UK on rental income. At ACCOTAX – We have a team of specialist Accountants for non-resident landlords, who will help you or your overseas company to register with HMRC as a Non-Resident landlord and obtaining a UTR number so that you can file relevant tax returns to HM Revenue & Customs.

For Non-Resident landlords, we suggest you to register as a non-resident so that you agent will not hold 20% taxes. You will get payment in gross from them and then you will be responsible to file tax returns at the year end and pay relevant taxes to HMRC.

 

Eradicating confusion on Property Tax

 

How you pay property tax solely depends on how you acquire the said property. Property tax is believed to be the most taxing of all taxes, and our landlord accountants guide yours through everything you need to know whether you buy it is a sole owner, through or as a limited company, or get it done via a partnership.

We at ACCOTAX, along with our specialist landlord accountants, can explain everything clearly and in detail when you join us, and we will be happy to answer all your questions and make sure you get a quick turnaround time on your queries.

 

You will be in safe hands!

 

ACCOTAX is proudly providing Tax returns services for landlords, we are accredited & regulated by ICAEW, ACCA & AAT. Our proactive approach helps to identify any possible issues ahead and helps you to plan effectively to implement efficient growth plans.

Services we offer?

 

  • Bookkeeping Services
  • Company Incorporation
  • Year End Accounts
  • Personal & Company Tax Returns
  • VAT Returns
  • Payroll & PAYE
  • Workplace Pensions
  • Personal & Corporate Tax Planning
  • Secretarial Services & much more

Interest in All Inclusive Packages?

 

Starting or Switching?

 

If you are starting your business, simply get in touch with us and our exerienced team will be happy to assit you. If you already have an accountant and would like to switch, Please click here to see how to switch.

 

Refer a Friend.

 

If you have friend, colleague or someone you know who is looking for an accountant, you can recommend our services to them. Click here to refer a friend

Get in touch with us.

Why ACCOTAX?

  • Tech Driven

    We use Xero, Quickbooks, Sage & many other online software.

  • Dedicated Accountant

    Meet, Call, Email, Skype or Hangout to your dedicated accounts manager.

  • Unlimited Support

    Free telephone & email support throughout the year.

  • Experienced Team

    We have over 100 years of combined experience.

  • Free E-mail Reminders

    Never Miss any deadline with our automated e-mail reminders.

  • Yes, We are Chartered!

    We’re an ICAEW, ACCA & AAT accredited Firm.

Is it Easy to Join?

Starting with or switching to ACCOTAX is easy as 1,2,3.

  • 1

    Get in touch

    Get in touch, explain your requirements, or sign up online.

  • 2

    Letter of Engagement

    You will then sign an agreement (Letter of Engagement), either Online on our website or by email.

  • 3

    Previous Accountants

    We get in touch with your previous accountant (where needed) to obtain information

  • 4

    We Do the Rest

    Simply focus on your business and we will do the rest.

Get in touch with us.
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