Keeping It Simple
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Property and Landlords
Many of our personal clients own investment properties. However few people
are initially aware of all the sometimes complex income tax and capital gains
implications that arise and we often find clients coming to use from other accountants who don't have the same in depth knowledge in the industry and so are unable to make the most of the tax system on the clients behalf.
We can assist with both the completion
of your income tax returns, and more generally planning of the use of your
portfolio to minimise the gains arising and giving hands on practical advice. Our Principal is a landlord personally and so understands the business from a personal and professional point of view.
Trading and Renovation
By being involved with a significant number of property owning
clients we have the experience to help plan your letting, and put
together a sound plan prior to your investment.
We can advise not only on how to structure the
purchase from an income tax point of view, but with a view to the
longer term capital gain. Many people go into property lets without
fully understanding the tax implications which can make a major
impact on the profitability of the venture.
Did you know for example that holiday let properties qualify for 10% entrepreneurs relief rather than paying 18% for a normal residential let? Do you know how long you need to live in a property for it to be classed as your "Principle Private Residence"? Or that this time may change depending on your circumstances.
We are experienced in advising those with small
single holdings as well as those setting up property management
companies for the larger investor.
Of course we don't just leave it at the advice,
we are available to help you set up your letting, and to complete
your tax returns at the end of the year.
We don't just fill
in your tax return - although we do that too. We look more widely
at your circumstances. We have experience in dealing with a wide range
of issues in this area. By dealing regularly with landlords we are well versed not only in the tax implications of your actions but also in the latest developments. Ie if you tell us that you are looking to "flip your BMV" we will understand what you are talking about and be able to help you avoid both practical and tax problems.
you claiming all the available allowances and deductions?
you structured the ownership to minimise your income tax liability?
of selling the property and would like to calculate and then
minimise the capital gain?
declared your rent and need to submit back
Want to use a limited company to save tax?
Property Trading and Renovation
Thinking of buying a property to renovate and
Make sure you know before you buy the property
how you will be taxed. If you know the rules you can plan around
Many people wrongly assume that because it is
property they are buying and selling, there will be no taxes arising,
or any capital gain will be taken up by their capital allowances.
In many instances your renovation will be treated
as a trade, and be taxed on an income basis from all the profits
you make from the venture. However this treatment actually gives
rise to a planning opportunity of running the trade via a limited
company which can prove rather tax efficient.
If you would like to look at the options before
you start - and even if you have already completed your project,
please let us know. You may be impressed by the level of tax that
can be saved through a proper planning process.
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