Residential property

Tax planning

Tax is a complex area, particularly if you have several sources of income or if you happen to run a business.

Legal issues can be complicated enough without needless jargon getting in the way. We keep things clear and simple, and provide practical tax planning advice so you know exactly where you stand.

To provide the best strategy for you we like to get to know you and what your concerns and aspirations are so that we can advise you on a strategy which not only covers the legal and tax aspects but is the best solution for you, your family and your business.

Succession Planning for you and your business

If you’re a landowner, farmer, entrepreneur, estate owner or international client, we have the expertise to ensure that your personal and/or business assets are preserved for the future.

We’ll work with you and your other advisers to ensure that all available tax reliefs apply and guide you through both legal and tax considerations when making plans for the succession of your business.

By undertaking planning now you can ensure that your personal and business affairs are managed as efficiently as possible while ensuring asset protection going forward.

Our services in succession planning include:

  • Legal
    • Wills
    • Powers of Attorney
    • Trusts
    • Business structures
    • Family Mediation
  • Tax
    • Income Tax
    • Capital Gains Tax
    • Inheritance Tax
    • International aspects of Tax
    • Property Taxes

Tax Reliefs and Exemptions

We can provide you with advice on structuring your affairs to maximise the available tax reliefs and exemptions.

We can advise on the following:

  • Income tax
    • Ensuring that your income is being received tax efficiently.
  • Capital Gains Tax
    • Reliefs on gifts of a business.
    • Reliefs on gifts to Trust and using Trusts for tax planning.
    • “Entrepreneurs Relief” on the transfer or sale of a business.
    • Business “Rollover Relief” - selling one business and setting up another to ensure that an unforeseen tax bill doesn’t set back the success of your new business.
    • Maximising the use of capital losses and annual exemptions.
    • Reliefs in relation to your property interests.
  • Inheritance Tax
    • The Nil Rate Band, transfers between spouses, and the new “Residence Nil Rate Band” for your home.
    • Making lifetime gifts, including gifts out of surplus income.
    • Charitable Exemptions and the reduced rate of tax.
    • “Business Property Relief” - if your business is structured correctly you can claim 100% relief on its value.
    • “Agricultural Property Relief” - for farmers and owners of agricultural property to ensure that the agricultural operations can continue without assets having to be sold to pay tax.

Property Taxes

With so many recent changes to property taxation and with different taxes applying north and south of the border, it’s never been more complicated. We provide advice and guidance on a range of tax issues that are faced when buying/selling or owning a property whether residential or commercial including:

  • Land and Buildings Transaction (LBTT) and Additional Dwellings Supplement (ADS)
  • Tax-efficient structuring of property acquisitions
  • Advice on the disposal of properties, including the application of the principal private residence relief and the capital gains tax (CGT) that now applies to non-resident owners, including preparation of Non Resident CGT returns
  • Gifting property to the next generation
  • Preparing income tax returns for landlords, and keeping them updated on the changes to property taxation
  • Operating Non-Resident Landlord Scheme and preparing tax returns
  • Annual Tax on Enveloped Dwellings (ATED) and preparing ATED returns
  • Multiple residences and making effective Principal Private Residence elections; and
  • Maximising Business Property Relief (BPR) on businesses owning residential property in addition to trading activities

International Taxes

With so many taxpayers now internationally mobile, ensuring your tax position is correct and up to date is important. Your place of residency and domicile can have serious financial consequences so it’s important to have a good understanding of both as well as the implications they can have on income tax, capital gains tax and inheritance tax.

We can help with the following:

  • Provide guidance through the Statutory Residence Test (SRT) to establish your residence position
  • Determine how you’ll be treated for tax purposes in the year of arrival or departure from the UK and how to manage this in light of any overseas income
  • Advice to non-resident landlords renting out UK properties
  • Preparation of annual UK Tax Returns for non resident landlords
  • Advice regarding the Remittance Basis Charge (RBC) for longer term UK residents
  • Advise on capital gains tax transactions and any capital gains tax liabilities
  • Deal with HMRC enquiries related to residence, domicile and foreign tax issues

How can we help you today?

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