Property Tax
Property issues affect most businesses, whether they rent or own a building, or have a more direct involvement in the sector. Therefore, it is important to get the right property tax advice at the right time, both to ensure compliance with the latest legislation and of course to minimise tax liabilities.
We are property tax consultants and can advise on all aspects of tax relating to properties, ensuring that every business and investor makes the most of the opportunities available.
We act for buy–to-let landlords, resident and non-resident investors and developers.
Our services include:
- Reducing or eliminating the VAT costs for property investors through use of the option to tax rules
- Assisting developers with the requirements of the construction industry scheme
- Registering international businesses and individuals who own and rent out property in the UK under the Non-resident Landlord Scheme
- Assisting landlords with large portfolios, including audit where necessary
- Structuring portfolios using LLP’s, limited companies, and self invested pensions
- Capital allowance claims including Business Premises Renovation Allowance
- Stamp Duty Land Tax advice
Capital Allowances
Are you getting a fair amount?
Many UK businesses may be paying too much tax because they underestimate the proportion of their capital expenditure which qualifies for capital allowances.
Although on some occasions identifying qualifying expenditure is straightforward, in many instances the expenditure on buildings and building works can be less than straightforward. This can require the application of not only tax but also surveying skills. It is therefore often difficult for businesses to work out the full relief due to them.
Similar identification issues arise with expenditure on certain categories qualifying for enhanced reliefs (for example: Land Remediation Relief and 'green plant' etc.)
Capital allowances are available to those who incur capital expenditure on extensions, refurbishments, new builds or even second property acquisitions. Whilst the government and HMRC are forever closing perceived tax loopholes and putting pressure on businesses to pay the 'right amount of tax', businesses will fall behind if they fail to take full advantage of tax incentives such as capital allowances which are fully encouraged by the government.
How can we help?
Our specialist capital allowances team (Sunil Sharma and Michael Robertson) consists of chartered surveyors who are experienced in the capital allowances legislation as well as the construction matters. By better understanding the legislation and construction aspects, the skill sets have on many occasions allowed them to maximise a claimant’s capital allowances.
It is more important than ever before to consider the capital allowances implication before buying or selling an existing property, in order to ensure the correct documentation is in place otherwise these allowances could be lost forever.
Case Studies
Because each case is unique, different levels of allowance may be achieved. Recent examples include:
| A 32 bed, new build care home | 48% of the development costs | |
| A 72 bed, new build care home | 45% of the development costs | |
| Acquisition of a design and build, owner occupied industrial unit | 24% of the purchase cost | |
| Acquisition of a modern office building by property investor | 25% of the purchase price | |
| Dental surgery fit out | 67% of fit out costs | |
| Acquisition of a public house | 36% of purchase price |
If you would like further information on our services please contact us on 0151 228 8977 or capitalallowances@jkca.co.uk
Speak to one of our experienced team
To speak to a member of our team, please call us on 0151 228 8977 or enter your details below and a member of the team will call you back.