Tax Advice for Property Owners

All businesses, be they trading or investing, need to maximise their revenues and minimise costs. For a successful business tax is often the single largest outgoing. Unfortunately the payment of tax is one of life’s two great certainties. You are however under no obligation to volunteer extra.

As real estate tax specialists our role is to assist you in maximising claims for the reliefs and allowances to which you are entitled. This is to make sure the correct amount of tax is paid and not a penny more. There is no need to tip HMRC!

Won’t my accountant already be doing this on my behalf?

It is unlikely they will have the relevant experience or sector knowledge to be able to provide the level of advice we can in this niche area. The fact that your accountant does not cover the areas we do in the same depth is no negative reflection on them. Here in the UK we have a vast and complex set of legislation underpinning the tax systems. No one person or firm could be an authority on all of it. We work in conjunction with many general accountants in very much the same way a medical GP might refer a patient to a heart specialist!

We provide expert advice across the board for real estate related tax matters. However a large proportion of our work falls into the following categories.

  • Historic Capital Allowance Claims on Fixtures

  • Capital Allowance Advice when Buying or Selling

    Over the last two years there has been a raft of changes that affect capital allowances when buying or selling a property. Capital allowances are not something that can be ignored anymore. If the new regime is not addressed correctly the buyer will lose the right to ever claim on the fixtures and the seller could crystallise a surprise tax charge.

    Being correctly advised from both a compliance and strategic perspective can help you negotiate the best possible outcome.

    We have prepared a brief on these changes which can be downloaded by clicking on the link at the below.

    CA Changes for Property Owners (PDF)

    If you are buying, have recently bought/sold a building or are even thinking about buying/selling, we strongly urge you get in contact with us a soon as possible. We can make sure you are compliant with the new legislation and not about to walk off a tax cliff! Contact Us!

  • Review of Renovation/Build Expenditure

    Picking up all the eligible expenditure in a development or renovation is not always as straight forward as it sounds. We can review and cross-examine all the information including the invoices, design specification, bill of quantities and contractors quotations to make sure that all available allowances have been claimed. This will normally result in a marked increase in the amount of allowances available. We also provide a consultancy service for the design phase of a project to help ensure all opportunities to build in allowances are exploited.

  • Transaction Reviews

    When a property is either bought or sold you are triggering a taxable event which will have tax implications e.g. SDLT on purchase, CGT on disposal etc. The manner and timing of the transaction can have a huge impact on the tax due. Sometimes it can be as simple a matter as applying for the correct reliefs for your particular transaction within the statutory time limits.

    It is best if we are instructed before a transaction has completed. We are however increasingly being brought in to provide historic reviews for transactions that may have happened some years ago. It is then a case of retrospectively identifying what should have been the tax outcome and then negotiating to get returns amended and tax rebated. Unfortunately it is not always possible to get HMRC to amend returns outside of statutory time limits. However as we only work on a percentage of tax reclaimed you are always in a win-win scenario.

Whilst the above covers a lot of the work we do it is by no mean exhaustive. If you own a commercial or residential building there will almost certainly be areas where we can add value. We pride ourselves on operating in a transparent and open manner when it comes to fees. All charges and engagements will be agreed and set out in writing prior to chargeable work commencing. So give us a call today for a free initial appraisal.