Property Taxation
At SMH Chartered Accountants, we understand that property ownership can be a significant investment and a complex area of taxation. Our expert team of property tax specialists is dedicated to providing bespoke tax advice and compliance services to help our clients maximise their returns while minimising their tax liabilities.
Our property taxation services cover a broad range of issues related to property ownership, including but not limited to:
- Property Acquisition and Disposal – We offer expert advice on the tax implications of acquiring or disposing of property, including the tax treatment of capital gains and losses, stamp duty, and land tax.
- Property Development and Renovation – Our team has extensive experience advising clients on the tax consequences of developing and renovating property, including the tax treatment of development costs, capital gains, and losses, and the availability of tax incentives such as capital allowances.
- Property Investment – We provide comprehensive tax advice to property investors, including advice on structuring and financing property investments, rental income taxation, and the availability of tax reliefs such as mortgage interest relief.
- Non-Resident Property Ownership – For clients who reside outside of the UK but own UK property, our team can provide advice on the tax implications of owning UK property, including the taxation of rental income and capital gains.
- Inheritance Tax Planning – Our property tax specialists can advise on the use of trusts and other structures to mitigate inheritance tax liabilities relating to property ownership.
- VAT on Property – We offer expert advice on the application of VAT to property transactions, including VAT on commercial property sales, the VAT implications of new build property, and the availability of VAT exemptions and reliefs.
At the SMH Group we understand that every property ownership situation is unique, and we tailor our property taxation services to meet the specific needs of each of our clients. Our team of experienced property tax specialists works closely with our clients to understand their individual circumstances and develop bespoke tax solutions to help them achieve their property ownership objectives.
Contact the SMH Chartered Accountants team on info@smh.group or 0114 266 4432 if you require assistance with any aspect of property taxation.
Recent changes in property taxation
For many years, the current government has promoted itself as the party that enables home ownership for all, but in recent years a combination of higher prices and much tighter lending criteria have made it more and more difficult for many people to get on the property ladder.
Spouses – income from jointly held property
When it comes to property taxation in the UK, there are a number of factors to consider, especially when it comes to jointly owned properties. For married couples, civil partners, or those in a common law relationship, owning property jointly can offer a number of advantages, but it can also lead to some confusion when it comes to taxation.
Company Trading Vehicle for Property Developers
Property developers often use a company trading vehicle to hold their properties as it can provide various benefits. However, it is important to understand the tax implications of this structure. At SMH Chartered Accountants, we provide property taxation services to help our clients navigate the complex tax laws and ensure compliance.
Extracting development profits as capital and at lower rates of tax
At SMH Chartered Accountants, we understand that property developers and investors are often looking for ways to maximise their returns on investment, and minimising the amount of tax they pay is one way to achieve that. One of the ways we help our clients to achieve this is by advising them on the tax implications of extracting development profits as capital, rather than as income, and at lower rates of tax.
