If you’re a landlord or property investor, you’ve probably wondered if you need to hire a specialised property accountant. This guide will talk you through what a property accountant is and who may benefit from having one, as well as some alternatives.
What is a property accountant?
Property accountants work with clients such as landlords and property investors to ensure the financial aspects of property management are taken care of. This includes things like:
- Creating and maintaining financial records
- Managing budgets
- Complying with tax laws, reporting income, and paying tax
Your property accountant will also ensure you’re claiming any tax reliefs you’re entitled to, on top of any allowable business expenses – as well as advising you on the best way to be more tax-efficient.
Who are property accountants for?
Property accountants are suitable for anyone from buy-to-let landlords and property dealers to individual and corporate landlords, someone renting out their spare room, or a holiday let. This could also include individuals who want to own a second property through a limited company and need a property accountant to help.
Basically, hiring an accountant who specialises in this area gives you access to a professional who is familiar with every aspect of property tax. They can give you specific market advice and simplify the taxes landlords and property owners often face such as:
- Stamp Duty Land Tax
- Capital Gains Tax
- Non-Resident Landlord Scheme
- Inheritance Tax
Do I need a property accountant?
You don’t actually need a property accountant – many individuals and companies in the property industry use online or high street accountants that aren’t specialised in property.
But it can definitely help to receive expert advice, and it’ll also give you peace of mind knowing your accountant knows every allowance you’re entitled to, your legal obligations, etc.
You’ll find some online accountants have accountants who specialise in all areas including property, like The Accountancy Partnership for example. This is a win-win if you’re looking for both a property and an online accountant.
How do I find an accountant?
We know finding an accountant can be stressful, but thankfully, we’ve done the work for you. You can compare accountant packages here.
Check out our guide to finding the right accountant!