At Robinson Reed Layton we specialise in property tax and can offer advice on tax for both landlords and property developers, whether individuals, partnerships or corporate entities.
In the case of buy to let landlords, there can be an interaction with the capital gains tax exemption for your “only or main residence”, but this is often not as simple as it seems and we are experienced at maximising such reliefs whilst ensuring that you do not lay yourself open to HM Revenue & Customs by making invalid claims.
Another area which has become increasingly important in the case of commercial property (and furnished holiday accommodation) is the question of capital allowances. It is now essential when buying a commercial or furnished holiday property to ensure that the capital allowances are dealt with appropriately and are the subject of a joint written agreement between the buyer and the seller. Failure to do this can have serious consequences for the future, as it will affect the capital allowances that can be claimed by any future purchasers, and thus, potentially, the value of the property itself. The rules concerning capital allowances and properties are complicated and we are able to make sure you negotiate them successfully. We can also offer access to the appropriate specialists within the chartered surveying profession to deal with any necessary surveys to establish what can be claimed. We can liaise with your solicitors to ensure that the necessary information on capital allowances is available.
Stamp Duty Land Tax is another tax which involves liaison with the legal profession. We do not promote artificial SDLT avoidance schemes, but we can and do advise on the finer points of this sometimes complicated and confusing tax.
Dealing with property often gives rise to questions on VAT. Our specialist VAT team can guide you through the intricate and often illogical VAT rules which apply when buying, selling or developing property.
If you would like more information about our Property Tax services, please telephone 01872 276116.