Many of our personal clients are landlords and own investment properties
However few people are initially aware of the complex income tax and capital gains implications that arise and we often find clients coming to us from other accountants who don’t have the same in depth knowledge in the industry and so are unable to make the most of the tax system on the clients’ behalf.
We can assist with both the completion of your income tax returns and more generally planning of the use of your portfolio to minimise the gains arising and giving hands on practical advice.
By being involved with a significant number of property owning clients we have the experience to help plan your letting, and put together a sound plan prior to your investment.
We can advise not only on how to structure the purchase from an income tax point of view, but with a view to the longer term capital gain. Many people go into property lets without fully understanding the tax implications which can have a major impact on the profitability of the venture.
Did you know for example that holiday let properties qualify for 10% entrepreneurs’ relief rather than paying 18%/28% for a normal residential let? Do you know how long you need to live in a property for it to be classed as your “Principle Private Residence”? Or that this time may change depending on your circumstances.
We are experienced in advising those with small single holdings as well as those setting up property management companies for the larger investor.
Of course we don’t just leave it at the advice, we are available to help you set up your letting, and to complete your tax returns at the end of the year.
We don’t just fill in your tax return – although we do that too. We look more widely at your circumstances. We have experience in dealing with a wide range of issues in this area. By dealing regularly with landlords we are well versed not only in the tax implications of your actions but also in the latest developments.
- Are you claiming all the available allowances and deductions?
- Have you structured the ownership to minimise your income tax liability?
- Thinking of selling the property and would like to calculate and then minimise the capital gain?
- Not declared your rent and need to submit back returns?