How do I make sure my property investments are tax-efficient?
Investing in bricks and mortar never goes out of fashion - and neither do taxes on property. With our help, you can be confident that your property investments are held and managed in the most tax-efficient manner for your personal circumstances. The world of property investment and its rules and regulations is fast moving. Our experienced professionals keep up to speed with all the latest developments and policy changes. In this way, they’re ready to guide you through the property investment and property tax maze.
Commercial and residential property investment scenarios we advise on include:
- I have inherited a house. What are my options?
- Do I need to report a property sale to HMRC?
- How do I get started with property investing?
- Are there any tax implications to letting out my second home?
- How can my company transfer a property to shareholders?
- Can my wife and I split the profits of my holiday cottage?
- How can I minimise tax when I sell a property for profit?
- What are the pros and cons of a buying a holiday home in the UK?
- The UK tax position and availability to claim foreign tax credit relief when purchasing property abroad.
BSR Bespoke can give you detailed, tailored advice on complex property investment issues including:
- whether it’s better to own property personally or within a company or a trust.
- how to finance your property purchase.
- paying Stamp Duty Land Tax (SDLT), including the different rates and bands in England/Northern Ireland, Scotland and Wales.
- what expenses you can claim for.
- tax planning for property sales.
- how to make the best use of tax reliefs, including Principal Private Residence (PPR) Relief·60-day Capital Gains Tax report for sale of UK residential property, including when to report a property sale to HMRC.
- how to complete the Capital Gains Tax (CGT) part of your self-assessment return.
- Annual Tax on Enveloped Dwellings (ATED), including reliefs and exemptions. ATED is an annual tax payable mainly by companies that own UK residential property valued at more than £500,000.
- how to “de-envelope” a property. This is when a company decides to transfer a property (residential or commercial) to its shareholders. There is no specific tax relief for de-enveloping, so it needs to be carefully planned in order to mitigate tax charges.
- tax-efficient furnished holiday lets, including deductible expenses.
- the Non-Resident Landlord Scheme (NRLS) which taxes the UK rental income of people whose usual place of abode is outside the UK. Advice for landlords (who can be individuals, businesses, trustees or partnerships) and letting agents.
We can help you when buying commercial property
You may be considering buying a property to trade from or to let out. Come to us for the latest guidance on:· capital allowances on the integral features of the property.· VAT implications and “opting to tax”.· structuring transactions.
We provide expert advice on commercial and residential property taxes
When it comes to property taxes, it's what you plan to do with your property that really counts. If you intend to develop and sell your properties for a profit, HMRC will treat this as a trading matter rather than an investment - and you'll face a completely different set of tax rules and reliefs. Understanding the difference is critical. We can advise you on exactly that - making sure you know which tax treatment applies to your situation so that you can plan accordingly.