Property Tax Advisors to maximise Gains
The accounting and tax related issues within the property industry are often overlooked and as a result, the returns may not be as per the expectations. The world of property is fast paced and by being proactive you can stay ahead of the curve to achieve the best possible outcome. Property taxes change all the time and our expert team is here to simplify it for you.
Capital Gains Tax
Capital Gains Tax is a tax on the profit when you sell or give away something (an ‘asset’) that has increased in value. It’s the gain you make that’s taxed, not the amount of money you receive.
Some assets are tax-free. You also do not have to pay Capital Gains Tax if all your gains in a year are under your tax-free allowance.
Disposing of an asset includes:
- selling it
- giving it away as a gift, or transferring it to someone else
- swapping it for something else
- getting compensation for it – like an insurance payout if it’s been lost or destroyed
We can help you understand you tax position under the current legislation and advise you of relevant reliefs and tax planning strategies.
Rental Income | Section 24
Are you using the right structure to protect your assets? Do you think your portfolio is tax-efficient based on your current objectives?
It is important to remember that one size does not fits all and thus, your assets need to reflect what’s important to you with no surprises. Rental income tax, inheritance tax and capital gains tax interact with each other and reduction in one tax could give rise to another type of tax.
We talk to you about your portfolio and optimise its tax-efficiency based on your objectives. We have found that it is helpful to identify your objectives based on your age. If your rental income is more than your required income than we could put a tax-efficient structure in place where you can effectively park your money for landlord tax reliefs.
Stamp Duty (SDLT)
Stamp duty can be expensive and it is a huge part of property buying. Do you know that hundreds of people and even solicitors rely on the government’s stamp duty calculator which is not designed to deal with various stamp duty scenarios? It doesn’t even have options to help you identify if you are eligible for a relief. As a result, people who are eligible for the stamp duty reduction, end up paying more than what they legally have to pay.
Of course, we understand the government’s perspective that they like to keep things straightforward but it is not fair to people who end up paying more in taxes. We can help you in tax planning and let you know how much you need to pay. For a no-win no-fee, we could even look back at your stamp duty payments to check if anything can be reclaimed.
Get in touch with us today and we can help you in optimising the property portfolio.
Please complete the contact us form below and tell us which services are of interest. We are happy to agree a fixed fee for the required services. We can also offer you interest-free monthly installments.