Are you finding the ‘whole business’ of Property Tax taxing?

Shaikh & Co will help you to make sense of the complicated Property Tax laws and guide you through how income from rental properties is taxed, inform you on allowable expenses, how to claim tax relief if you rent out a room in your house and even how the law stands on taxing furnished holiday lettings and foreign properties.

We will help you to keep your tax bill down if you rent out a property and make sure that you don’t pay too much tax by ensuring that you claim the right expenses and allowances; furthermore our advice on the timing of the transactions can have a significant effect on the amount of the final tax paid.

We can explain the difference between Capital Gains considerations and Trading income, as well as Capital Gains holdover and rollover implications.

If Inheritance Tax is a worry, then come and talk to us. We will explain the thresholds and help you to plan for the future.

There are times when using a Limited Company can help you to save tax. Let us explain how this works as well as what attracts Stamp Duty, and the tax implications of second homes.

Property is a tricky game; if you’re not careful, you could spend way more than you expected on things like stamp duty land tax, the ATED and VAT. A solid holding structure and an expert eye on the portfolio can help to mitigate some of those headaches.

For example, if you have purchased a second-hand commercial property, you may be able to claim capital allowances on existing fixtures within the property.

Stamp Duty Land Tax (SDLT) is due on the purchase of property. Different rates apply depending on whether, The property is commercial or residential, It is your first or subsequent residential property investment, is the property is held either directly or indirectly through a company (see ATED),there is a lot that needs to be considered to ensure the correct amount has been paid.

If you hold a property through a company, collective investment scheme or partnership with corporate partners, and it is valued more than the ATED threshold, you may need to pay. We can advise on investing in or disposing of residential property, or assist with filing your ATED return.

The VAT risks associated with property transactions are high. We have a specialist team that can ensure, any VAT consequences within the structure are minimised, considering the type of property, renovation plans and the option to tax. You obtain zero and reduced rates of VAT where applicable.

That stamp duty implications for future disposal are considered within the scope of all decisions made relating to the property.

For more information see our helpsheets on …

  • CGT and your principal private residence.
  • Taxation of buy to let properties.
  • Using a limited company to save property tax.