At Presson we are passionate about helping our clients maximise their tax relief so whether you are;
1. Running a property business
2. Buying or selling a residential property
3. Owing a commercial property
Running a property business
You will be considered as running a property business if:
1. Being a landlord is your primary job
2. You let more than one property
3. You acquire property with the intend of letting them
What is Capital Allowances (CA)
Companies get tax relief on tangible capital expenditure.
The tax relief is deducted from a company’s pre-tax profit.
Presson Tax Accountants focuses more on allowable capital allowances in UK properties.
Capital Allowances in commercial property.
Capital Allowance on Residential Property
This depends on the following:
1. If you run a furnished holiday lettings business
2. The allowable unit is in the common parts of a residential building
The eligibility and value of the claim depends on multiple criteria and its a bit complicated to work out, however we can take this stress off your hands
Please read our article on Capital Allowance for more details Contact Us
Stamp Duty Land Tax (SDLT)
Buying a property in England?
For cash flow purposes it is important to consider the amount of Stamp Duty Land Tax (SDLT) you will pay when buying a property in England.
Who pays Stamp Duty Land Tax (SDLT)
The buyer ie (if you buy a property for more than £125,000)
If its your first home you don’t usually pay tax if the property is less than £300,000.
The rate of SDLT you pay depends on the price of the property
The amount of Stamp Duty Land Tax (SDLT) you pay depends on a number of criteria. Over the years our effective tax planning system has helped our clients uncover hidden tax relief in running their property business.
Please read our article on Stamp Duty Land Tax (SDLT) for more information. Contact Us
Capital Gains Tax (CGT)
Overview of Capital Gains Tax (CGT)
Its normally the gain you make that is taxed not the amount you received.
Situations which are assessed as Asset disposal are as follows:
1. Selling the asset (property)
2. Giving it away or transferring it to someone else
3. Getting compensation for it, e.g. an insurance pay off due to asset been lost or destroyed.
Assessing what you pay, when you’ve to pay it, when you don’t need to pay CGT etc can be a bit complex. We can help take any stress you will encounter when you dispose off an asset so that you can focus on what is more important to you. Please read our article on Capital Gains Tax (CGT) for more information. Contact Us