What qualifications/accreditations should you look for?

There are several different accepted qualifications within the world of accountancy.

Widely accepted as the most prestigious accountancy qualification, the ACA chartered qualification is probably the best qualification, but other professional qualifications such as the ACCA certificate qualification are also fine. Another slightly more industry-focused qualification is the CIMA – again, this would be fine for the purpose of assisting you with property-related tax queries.

Perhaps as important as qualifications, however, is experience. You should really look to hire someone with no less than 3 years' property accountancy experience, and preferably more.

You will probably have to pay a little more for experience, but ultimately it is worth it: an experienced accountant will be less likely to make errors and will probably have a better knowledge of the tax system and property market than someone who has only recently qualified.

Cost

The rates charged by your accountant will vary depending on location in the country and the amount of experience they have – as well as the job you are asking them to do. Quotations are free and you can obtain one by telephoning firms directly or by emailing them.

As a very rough guide, a chartered accountant, based outside London, should charge roughly £200-250 (not including VAT) for a landlord's tax return and anywhere from £80 to £150 as an hourly rate.

It is important to get several quotes for the work; this way you can ensure that you are getting a good deal, and you may even be able to play of the firms against each other!

There are a few things to be wary of when dealing with certain less reputable firms.

Firstly, ensure that you are not being billed for phone calls and e-mails (most reasonable firms will not charge for this). Secondly, ensure that all fees or hourly rates are arranged in advance so that you have an idea of what the cost will be.

If possible, try to find an accountant who will bill you for the overall job as opposed to an hourly rate; this way, you know exactly how much you will eventually be paying. With an hourly rate, there is little incentive for an accountant to hurry.

How can I cut down my bill?

As mentioned before, ask around and get multiple quotes. Once you have done this, there is one more thing you can do: Be organised.

• Being organised means filing bills and invoices and other such paperwork. You might also want to use accounting software such as Quicken or Microsoft Money to help order your accounts.
• Anything you can do to organize your paperwork and cut down the amount of time needed by accountant will cut your bill.

For some jobs, such as providing advice on selling, you will not be able to do anything; but for many jobs, especially tax-related ones that landlords often face, a neat and ordered filing system could save you money!