Whether you own a single buy-to-let property or are growing a portfolio, working with the right accountant can be invaluable. Not only can they reduce your workload, they can help you grow your business and make wiser investment decisions. Here’s all you need to know.
There’s nothing to say you have to work with an accountant as a landlord – so you might be on the fence about whether or not you need one. The decision is up to you, but, considering the growing complexity of buy-to-let compliance requirements and property tax, getting support and advice from a trusted professional may be a wise move.
To kick things off, let’s do a quick recap of what an accountant can do for any business owner:
So, you’re in the market for a property accountant – but how do you choose one who’s reliable, and who’ll add genuine value to your business? Let’s take a look 👇.
The first and often best port of call when looking for an accountant for your buy-to-let finances is to ask around other landlords. Although online research can be really helpful, nothing quite beats a real-life recommendation from someone you know who also has the same kind of challenges and needs as you do. This can act as a great starting point for your search.
It’s no secret that property tax can get complex. it’s important to work with an accountant who understands the specific challenges landlords face – whether that’s to do with holiday lets, HMO’s, buying property through a limited company, income shifting for tax efficiency, or something else. Many property specialists will have dedicated service packages for landlords, or will even have one or more of their staff identified as a property expert.
This is the only real way to give yourself a benchmark to work against. While that initial accountant you spoke with may have seemed impressive, you could meet another one who feels like a much better fit for your business in ways you hadn’t considered before. Your best bet for finding a great match is to plan on interviewing several accountants so you can start to get a feel for what’s out there.
Tip: Keep reading to find out what kind of questions to ask potential accountants for landlords in the discovery phase 👇.
When carrying out interviews be sure to ask each accountant if they have experience working with landlords. If you have a portfolio of properties, ask them if they have experience working with similar set-ups.
Working with an accountant who’s part of a professional body can give you extra peace of mind. Working with a chartered accountant – from the Institute of Chartered Accountants in England and Wales or in Scotland, or the Association of Chartered Certified Accountants – can give you reassurance with regard to their level of service, ethical standards and, often, specific domain expertise.
Ask potential property accountants these questions to get to the heart of whether or not they’re a good fit for your landlord business:
Finding an accountant that suits your needs is about more than just credentials. You’ll want to make sure you’re working with someone you feel comfortable with, can trust, and who’s willing to be really proactive when it comes to things like financial planning.
To find a great fit, it can help to ask yourself these questions:
Choosing the right accountant can be a critical decision for you as a landlord. It’s not just about finding someone to do your books and file your taxes; it’s about finding a partner who can actively help you to grow your business. The above tips should help you to narrow things down and understand whether a potential accountant is going to be able to deliver on all these points. Good luck!
Hammock is designed to make your life as landlord easier by simplifying every aspect of your property finances. This, in turn, helps your accountant get an even more accurate picture of your property income and expenses in a fraction of the usual time – freeing them up to focus their efforts on finding ways to help you reach your business goals.