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
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