Property Taxation
We provide a comprehensive and expert service covering all aspects of property taxation for both UK and overseas individuals and companies.
Our service includes:
- Preparation of rental income accounts
- Completion of self assessment tax returns
- Advice on Inheritance Tax & Capital Gains Tax
- Incorporation reviews
- Maximising allowable deductions and losses
We can advise on the following situations:
- Buy to let
- Student accommodation
- Furnished holiday lettings
- Overseas land lords
- Commercial lettings
Buy to let
Purchasing an investment property to let provides investment income and an expectation of capital growth. Mortgage lenders now take into account the rental income when making a decision on lending, rather than looking solely at the borrowers earned income.
We can advise on how the property should be owned to minimise tax liabilities and maximise income and capital growth.
Student Accommodation
If you have or will have children to be educated at college or university a property can be acquired for their use and for letting to fellow students to provide a "home from home" and enjoy tax free gains on sale.
Furnished Holiday Lettings
Provided certain conditions are met, furnished holiday accommodation is treated as trading income and enjoys certain tax free advantages that do not apply to investment income. The income qualifies for pension purposes, any losses can be offset against other income and capital gains. Capital allowances are due on equipment and furniture. The property is regarded as a business property and qualifies for the higher business asset taper relief and rollover relief for capital gains tax purposes.
Overseas Landlords
Special rules apply to non UK resident landlords who own and let UK property. We can assist you in obtaining approval from the Revenue so that the rental income is paid gross without deduction of the basic tax rate.
In addition we will prepare rental accounts and file self assessment returns during your period of absence from the UK. We can advise you on departing from and returning to the UK for income, capital gains and inheritance tax.
Please contact us to discuss your property taxation needs.