Landlords

Property tax advice may be required in advance of the purchase or sale of a property, or there may be income to declare as a result of the letting or development of a property.

Property taxation is a specialist area. For example, overseas landlords need to be aware of their reporting obligations under the Non-Resident Landlord’s Scheme. There are also specific property taxes to consider, including land and buildings transaction tax in Scotland.

Fleming Clarke Taxation can prepare annual self-assessment tax returns and accounts for property owners. Capital gains tax returns can also be prepared and submitted to HMRC on your behalf.

Examples of tax advisory assignments that could be undertaken for a property owner would include:

• A detailed review of allowable improvements for capital gains tax purposes on the sale of land or property.

• Consideration of the available capital gains tax reliefs (including main residence relief) on the disposal of a UK or overseas residence.

• A review of the tax implications of transferring a UK residential property portfolio from individual ownership to ownership by a company.

If you have a property query, please get in touch. It could be that you operate a holiday letting business, you are a ‘buy-to-let’ landlord or you have been contacted by HMRC about undeclared property income or gains.