Property

In recent years we have seen a rise in the UK property market with good rental yields and capital appreciation. Few specific tax reliefs are given to the property sector and thus advance planning is especially relevant to ensure that the minimum of tax is legitimately paid. Many operators in the property sector have used limited companies as a vehicle for purchase. We can assist with preparation of the relevant accounts and have the specialist knowledge to advise on specific issues where relevant, such as property valuation and the taking of profit on developments.

VAT is a potential minefield for those operating in the property sector with complex rules and harsh penalties if reporting and structure is not correct. We help with planning property arrangements to minimise VAT exposure and also assist with VAT accounting and returns where necessary. We also provide guidance on the difficult decision of whether or not you can and should elect to waive exemption from VAT.

Whether you are operating through a limited company or not we can assist with preparation of accounts to comply with all relevant legal and taxation requirements as well as providing you with useful management information. This may involve assistance with the decision as to what accounting policies to adopt and advising on accounts presentation.

It may be relevant, for example, to review SSAP 19 on Accounting for Investment Properties. Consideration may need to be given to the carrying value of properties in the accounts and also to such issues as to whether to treat certain items as repair or improvement expenditure.

We assist with minimisation of tax on rents and also look to take advantage of what reliefs are available from capital gains tax and inheritance tax on property ventures. Where these reliefs are not easily available it is especially important to plan in advance to take advantage of family and business circumstances.

Our services include:

•  tax-effective structuring of property ventures

•  minimising VAT on property transactions

•  accounts preparation and audit

•  acquisition of holiday homes and investment property abroad

•  purchase of business premises

•  use of pension arrangements

•  offshore investment in UK property

•  selling land or part of your garden

•  stamp duty land tax

For further information please contact Emma Roberts or Richard Holme.