Property Tax Planning


Many individuals have started to purchase buy-to-let properties within a company and are therefore seeking property tax advice. The move away from personal ownership was mainly due to the mortgage interest restriction being phased in from the 17/18 tax year. Should you buy a property as an individual or in a company? The answer is “it depends on your circumstances”. Our property specialist tax accountants are here to help.

There are many pro and cons of holding properties individually and in companies. With a ‘no one size fits all approach’, our specialist advisers can assist you with making an informed decision. You should always seek professional advice before purchasing a buy-to-let, as with the 3% stamp duty surcharge it can be expensive to change the ownership. It is also important to seek professional tax advice in advance of selling your property.

There are also many tax reliefs available, when purchasing and disposing a property. These can be utilised to help mitigate any potential tax charge, so the sooner you seek specialist property tax advice the potential greater tax saving could be had.

 


We at Rawlinson Pryde & Partners are able to either undertake a property portfolio review or offer property tax advice before you make a property purchase. We have already advised several of our clients resulting in them saving much more taxation than our fees in year 1.

If you own a property with a married partner or civil partner, we can assist you with changing the ownership to reduce your tax charge.

If you are selling a property you may wish to consider the timing of this to make use of your annual exemptions and tax bandings.

We have also produced these 2 helpful guides relating to property taxation on individuals. We plan to produce a further guide for limited companies.