Specialised Accountant for Property Accounts
The UK’s love affair with the Property market is soaring with economy gradually recovering from recession and the demand for first time buyers is at an all time high. The demand for buy to let investments is on a upward trend as well as property investors seeking to take advantage of low interest rates.
Such investors often lack prerequisite mechanics of business and taxation and therefore will require a mix of services:
- Preparation of annual rental accounts for filing with companies house
- Preparation of personal tax returns for submitting to HMRC
- Acting and representing you in the event of HMRC enquiry
- Providing expert advice whether you are sole trader or a limited company
- An expert understanding of how property rental transaction are taxed
- Capital tax planning and review
- Understanding of rent a room relief, PPR relief, lettings exemption and other ways to reduce the tax liabilities
- Possible advice on re structuring your finances so that financial costs can allowable tax deduction against your rental income
Property investors can often land themselves huge tax burden on ongoing / or exit tax. We have an in house property tax specialist who is vastly experienced in giving tax advice. Let us take the predicament of you trying to understand the complex tax system and how it will affect you and see if we can potentially reduce your tax exposure.
Property Development is usually a venture ‘in the nature of trade’, and, assuming other conditions are met, the property development activity will qualify for valuable reliefs, such as Entrepreneurs Relief (ER) and Business Property Relief (BPR).
It is common, for commercial purposes, for a property developer to operate each development though a separate SPV. This can also achieve attractive tax benefits. We can advise on hot to approach this structure from a tax point of view.
We have extensive experience of advising both property investors and developers on all aspects of property specific taxes, such as SDLT, VAT and capital allowances.