Top Factors You Should Know About Accountants for Landlords

 Paying taxes on rental income, minimising your costs, and keeping your business healthy—these are some of the most crucial tasks an accountant does for a landlord. If you are planning to hire one to manage the day-to-day finances and taxes of your rental properties, then it’s important to look at several factors. Here’s what to check while evaluating a potential property accounting firm or accountant for landlord: 

 

 

Affiliations 

 

Any person can claim to be an accountant even without proper education, training, and work experience. You surely don't want to hire just anyone to work for you. What you are looking for in an accountant as a landlord is someone with in-depth knowledge and expertise in the field of real estate and rental businesses. You can't go wrong with someone who is affiliated with distinguished professional bodies like the ICAEW. Member firms have chartered accountants who have completed above-level studies and have years of relevant accounting experience in the real estate sector. 

 

Professional Indemnity Insurance

 

An accountant for a landlord that is regulated by a professional body is required to carry professional indemnity insurance, among other requirements. Nevertheless, it pays to double-check and ask how much you may claim should there be a problem. Professional indemnity insurance is important because this will protect your business or cover any losses it may experience due to bad advice, negligence, or mistakes.

 

Previous clients 

 

Look at their list of current and previous clients. This is a good way to determine if a potential accountant for landlord has direct experience in real estate. Choose a property accountant who has handled many clients in the same business, such as developers, land investment firms, commercial property owners, private homeowners, contractors, etc. Take the time to speak with their references and ask about their experience with the accountant.

Source URL:https://www.allenbyaccountants.co.uk/top-factors-know-accountants-landlords/

7 Tips to Look Out for While Seeking Accountants in London for Small Businesses

Choosing the right small business accountant in London takes a lot of research and contemplation. You need to make sure that the accountant has your best interests at heart.

Here are some factors to look at: 

1. Quality of Service

Seek a small business accountant in Londonwho is highly trained and has several years of experience in the industry. A dependable accountant will know the best strategies to grow your business and maximise your profitability.

2. Quality of Advice

Numbers aren’t the only thing that matters when it comes to accounting. Choose an accountant who can provide personalised advice according to your goals and personality.

3. Good Communication

Look for an accountant who can keep you up to date with your progress. Make sure that he or she returns your calls or emails within the same day and sends deliverables on time. Get to know your accountant by communicating clearly and simply.

4. Specialties

Accounting in different sectors, such as e-commerce, healthcare, and real estate require specialised attention. Hire an accountant who is an expert in your area of business. 

5. Accreditation

Search for a small business accountant in London who is a member of the Institute of Chartered Accountants in England and Wales (ICAEW). Make sure that his or her firm is registered with the Information Commissioner’s Office and the Companies House.

6. Transparent Pricing

It is recommended that you select an accountant who offers a fixed price structure and gives you the best value for your money. It’s so much easier to do your budget when you know exactly how much you need to pay and when—no surprise charges.  

7. Positive Feedback

Look up reviews about the accountant or the firm to understand how they helped other businesses in your area or your industry. The best accountants have a loyal list of clients and references who are always happy to recommend them. 

Source URL: https://www.allenbyaccountants.co.uk/7-tips-look-seeking-accountants-london-small-businesses/