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.
Being specialists in helping the property industry means that we can quickly identify your requirements and deal with any problems efficiently and effectively. We are able to transform messy books into neatly organised records using cloud accounting software as our tools.
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:
We can help you understand you tax position under the current legislation and advise you of relevant reliefs and tax planning strategies.
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. Please click here to read more about section 24 and how it may affect your tax liabilities.
Stamp duty can be expensive and it is an important consideration when buying property. 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 does not show if you are eligible for reliefs. As a result, people unaware of reliefs, pay more.
We can help you in tax planning and let you know how much you need to pay. We can even look back at your stamp duty payments to check if anything can be reclaimed. Get in touch with us today to start optimising your property portfolio.