We act as property accountants for many of our clients and have done so with a very long and distinguished track record, where we have provided advise on the many different experiences which have witnessed the many highs and lows of the property market.
Our team has a wealth of tax and accounting knowledge together with the practical experience required to advise and act for our property clients, who typically require a mix of our services such as:
- Capital gains tax computations (including under the 60 day rule for residential property sales).
- Assisting you to make your book-keeping system Making Tax Digital compliant.
- Preparation of annual rental accounts.
- Following HMRC rules for non-resident landlords.
- Stamp duty land tax advice (maximising claims for exemptions and reliefs) .
- Complying with ATED return submission requirements.
- Completion and submission to HMRC of business tax returns and/or self-assessment tax returns, claiming maximum tax relief under industry specific HMRC rules including, where eligible, capital allowances on integral features.
- Before submitting these tax returns to HMRC, taking out tax investigation insurance to mitigate the potential extra professional fees that would arise if HMRC open a tax enquiry into one of your tax returns. Key risk areas for such an enquiry in this sector:
- Claims for capital gains tax reliefs, exemptions or allowances,
- Capital v revenue deductions for building costs,
- VAT option to tax issues.
- Establishing a making tax digital compliant book keeping system.
- Completing and submitting partially exempt or self-build DIY VAT returns to HMRC.
- Structuring property ownership to minimise inheritance tax.
- Protecting business premises from the the risk of the trade getting into financial difficulties, through ownership within a parent company, personally or within a SSAS or SIPS pension.
- Owning residential property acquired on mortgage within a limited company structure, to maximise tax relief on mortgage interest.
- Assistance in raising mortgage finance, including optimising your business credit rating.
- Making principal private residence CGT (flipping) elections on your holiday or second home.
- Use of trusts and other tax planning to minimise capital gains tax.
- Making best use of VAT option to tax elections.
- Managing your wealth in a diversified manner.
- Valuing your business.
- Business exit planning, perhaps enabling you to retire early.
Our specialist Property Group meet regularly throughout the year, with representatives from across the firm discussing current affairs impacting the sector as well as ensuring our team are up to date with all of the legislative changes. The group is also developing newsletters which offer discussion on current subjects within the industry.
Our Tax Group “A Brief Guide to…” publications:
- Annual Tax on Enveloped Dwellings | Buy To Let Properties: Tax Implications | Capital Gains Tax on UK Residential Property owned by Non-Residents | Changes to Capital Gains Tax Rules for Residential Property | Furnished Holiday Lets | Inheritance Tax | Making Tax Digital | Personal Tax Account | Stamp Duty Land Tax | Tax for Non Resident Landlords | Tax Relief on Mortgage Interest for Residential Landlords | Tax Year End Planning
Get in touch with your local office and speak to one of our specialist property accountants, to see how we can add value to your business.
We offer a free initial consultation to potential new clients.
I have always found Whitings helpful, reliable, always willing to discuss problems and advise on the best procedure.