A property accountant must also be aware of when property taxes, insurance payments and other fees are due on a particular property. This information must be kept in a clear format and the accountant is responsible for making sure these payments are made in a timely fashion to avoid additional fees or penalties. It is also the job of the accountant to provide regular reports to a property’s owners detailing when such payments are due and to keep a record of receipts once payments have been made.
Aside from working with property managers, owners, auditors and tenants, a property accountant may also, at times, be assigned to work rather closely with a property’s outside investors. An accountant may be called upon to answer investor questions and address financial concerns, as well as to provide detailed reports on a property’s overall performance. Occasionally, this type of accountant may be called upon to present financial reports at meetings, as well. In addition to strong accounting skills, a good property accountant must have strong written and verbal communication skills and be able to work well with others to effectively perform accounting tasks.
Property accountants assist with the preparation of documents for annual audits and tax filing processes. They ensure all accounting information regarding property budgets and annual business plans are completed within set deadline. They also maintain proper records of amortization/depreciation of fixed assets and leasing commissions.
Property accountants should be able to do the following:
- Comprehensive property tax advice, planning and consultancy
- Personal tax advice for private BTL landlords with 5+ properties
- Residential and commercial properties
- Advice on the removal of mortgage interest relief and other recent tax changes
- Undeclared rental income / HMRC Let Property campaign
- Property VAT planning and advice
- Holding properties in a limited company and mortgage considerations
- Non-resident landlords (NRL)
- Annual Tax on Enveloped Dwellings (ATED)
- Splitting companies with both trading and property investment activities
- BTL mortgages including Limited Company BTL mortgages through our FCA regulated broker
- Tax returns for residential buy to let landlords
- Annual property accounts for buy to let landlords
- Management accounts for commercial & residential property investors / developers
- Limited company property accounts
- Tax planning for individuals to minimise capital gains tax and income tax
- Tax planning for companies to minimise / defer tax
- Advise on the best way to structure your property interests
- VAT advice for builders, property developers and property investors
Most companies that are in the market to hire a property accountant require applicants to have an accounting degree, as well as experience in general accounting procedures. In some instances, a company may further require candidates to have previous experience working in real estate. A property accountant must also have experience working with property management accounting
The property accountant job typically can be accessed with a Bachelor’s degree in accounting, economics, finance, or business.
Experience in accounting and management of real estate/commercial properties is also necessary for the job position.
Some of the qualities that aid success on the job include multi-tasking, analytical, and communication skills.