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Critical times to minimise your tax liability.
There are tax considerations when purchasing a property. The dreaded Stamp Duty of course and there are ways that this can potentially be reduced, but there may be VAT involved with commercial purchases and the potential to benefit from capital allowances.
You should also consider the best ownership structure for you.
It is always easier to get this right from the start than to correct later!
When selling a property, there may be steps that you can take to minimise your tax liability.
Capital gains tax (CGT) will be payable on the eventual sale of the property. The tax will be charged on the disposal proceeds less the original cost of the property, certain legal costs and any capital improvements made to the property. This gain may be further reduced by any annual exemption available and is then taxed.
Our team of property tax specialists can you to dispose of a property in the most tax efficient way. Contact us for a free initial discussion today.
22 Oct 2021
Debbie Franklin, Director of Tax, provides an essential summary on tax changes which have already been announced and some predictions on what Chancellor, Rishi Sunak, may include in the budget on Wednesday 27 October.
27 Sep 2021
Having listened to stakeholder feedback from businesses and the accounting profession, the government have announced that they will introduce Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) a year later than planned, in the tax year beginning in April 2024.