Landlord Accountants London

What do landlords need to take into account?

Perhaps you own one or more properties that you rent out, whether that’s houses or flats. You might have a buy-to-let mortgage or own the property outright. Whatever your circumstances, keeping on top of your finances is essential. There are specific tax requirements placed on you as a landlord, from property tax to income tax. Seeking expert advice for managing property finances in the UK can make a huge difference.

You may be wondering, do landlords registered in England need a specialist accountant? And what are my financial and tax requirements as a landlord?

The team at WIS Accountancy are tax specialists with extensive experience as accountants for landlords. In the information below, we’ve aimed to cover all the basics you need to know.

Do landlords need accountants?

As a landlord, do you need to hire a specialist accountant for tax advice and submission? While there’s no legal requirement for you to seek help with property tax, Self Assessment tax or any other aspect of landlord finances, that doesn’t mean it isn’t a good idea. To achieve being tax-efficient might mean bringing in outside help.

Whether you’re investing in a buy-to-let property for the first time or you’re a limited company or business landlord responsible for dozens of properties across the country, the support of an expert account service can make a considerable amount of difference.

Accounting for a buy-to-let property

If you’re brand new to the world of rental properties as a business or an individual, working with a trained and qualified accountant for landlords is a good idea. It’s the best way to ensure you’re meeting your property tax obligations.

A trained landlord accountancy company can help handle all aspects of your property finances. This includes anything from creating landlord tax returns, providing insight into VAT, and managing communications with the tax office.

Financial guidance for multiple tenancies

It can be a challenge for limited companies and larger businesses operating under a trading name to handle dozens of moving parts and finances at once. The insight of qualified and trained property accountants can ensure your taxes are accurate and completed on time.

While you likely understand the ins and outs of taxes, outsourcing the facts and figures can help ensure your business or company continues to run on time with no potential property tax snags or forgotten finances.

Landlord accountants for multi-occupancy buildings

If you own a multi-occupancy property, more taxes and costs may apply than would be the case for single-occupancy buildings, such as houses or individual flats. An experienced landlord accountancy service can ensure all additional fees are accounted for to provide accurate expenses on your yearly landlord tax return.