Experts at property tax matters, advising you on the most tax efficient manner to arrange your property transactions
Property
Property businesses garner high risks as well as great rewards.
Whether you are a property developer, investor, agent, or in the construction industry, you need a trusted professional to steer you through the complexities of legislation and maximise your investment.
At Shipleys Tax, we offer you a comprehensive support package which can be tailored to the service you need.
- Services for developers
- Services for investors
- Professionals working in the property sector
- Services for property agents
To help you build and keep more of your investment from the taxman why not contact us now and seen how we can help?
Capital Allowances
When you buy, lease or improve a commercial property, HMRC allows you to offset some of that expenditure for tax purposes. Your advisors have probably claimed for the more obvious features, but as capital allowance specialists we dig much deeper to make significant additional claims on your behalf.
Typically, we identify Capital Allowances of between 10% and 30% of the commercial property purchase price.
We use specialist surveyors with tax expertise, to visit your property to uncover this extra layer of allowable items. This service is relevant for two types of clients:
1. Commercial property owners and investors who can retrospectively claim for unused allowances, (going back many years in some cases), for alterations, extensions and upgrades to their buildings.
2. Buyers and sellers of commercial property who need to agree a value for plant and machinery as part of the purchase process.
Latest news & blogs…
Mortgage lenders accepting an SA302 tax calculation
Self-employed clients may have difficulty proving their income when applying for a mortgage. To this end, HMRC have published details of mortgage providers and lenders who accept either a copy of the tax calculation (SA302) printed from the HMRC online account or a tax calculation printed from commercial software used to submit returns. The lenders also require a tax year overview which can be printed from the HMRC account.
The list of lenders who have agreed to accept tax calculations and tax year overviews that customers or their agents or accountants have printed is available on the Gov.uk website at www.gov.uk/government/publications/mortgages-providers-and-lenders-who-accwpt-a-sa302-tax-calculation-or-tax-year-overview.
Further interest rate restrictions for landlords
Over the past few years the way in which landlords have been able to obtain relief for interest and other finance costs has been changing. The system of relief is moving from one of relief by deduction – which applies for 2016/17 and earlier tax years – to one under which relief is given as a basic rate tax reduction. From 2020/21, relief will be given in full as a basic rate tax reduction. Transitional rules apply for 2017/18 to 2019/20 inclusive as the changes are phased in, with some interest costs relieved by deduction and the balance as a basic rate tax reduction. For 2019/20, 25% of the interest costs can be deducted in computing profits, with relief for the remaining 75% being given as a tax reduction at the basic rate. Check with Shipleys Tax that you are obtaining relief for interest costs in the correct manner.
Call on 0114 275 6292 or email info@shipleystax.com.
Making Tax Digital For VAT – Update
MTD goes live
Making Tax Digital (MTD) for VAT went live from 1 April 2019. It applies to businesses with VATable turnover over the VAT registration threshold of £85,000 from the start of their first VAT accounting period on or after 1 April 2019, unless they fall within one of the categories of businesses with more complex affairs (such as those in a VAT group) in respect of which the start date is deferred until the start of the first VAT accounting period beginning on or after 1 October 2019.
Under MTD for VAT businesses must keep digital records and file their VAT returns digitally using MTD-compatible software.
Speak to Shipleys Tax to check what you need to do to comply with the requirements of MTD for VAT.
Call us on 0114 275 6292 or email info@shipleystax.com.
Testimonials
“We value the close working relationship we have with Shabeer and the specialist teams at Shipleys Tax...(read more)
Dr K, GP Surgery – Yorkshire
“One of the most frequent issues we had with our previous accountants was not being made aware, in advance... (read more)
FM Medical Practice – Manchester
“Accountants seem to promise the earth but don’t deliver do they? Well we found the opposite. Abdul made himself... (read more)
Mrs Khan – JL Healthcare
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