Our property tax accountants help landlords run their rental business tax efficiently
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There are many taxes that affect landlords running a rental business in the United Kingdom or the United States. A specialist property accountant is a must if you want to be tax efficient.
UK tax: Stamp Duty Land Tax (SDLT), Value Added Tax (VAT), income/corporation tax, Capital Gains Tax (CGT) and Inheritance Tax (IHT) that is dealt with by HMRC
US taxes: income/corporation tax, GILTI, FATCA, FBAR, Capital Gains Tax, FIRPTA, Exchange 1031, Estate Tax that is dealt with by the IRS
We are seeing more landlords run their property business through property investment companies due to the tax savings. Could this work for you?
Work with one of our buy to let accountants to set up your property investment company.
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Download our 2022 property tax guide
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It does not matter if you are British, or American. You need to reduce real estate property tax across The Atlantic. The same questions exist. How do I hold estate property? Do I need a property investment company?
Foreign expats that invest in buy to let property can own these investments in their own name or a private investment company. Care must be taken when using a property limited company because the IRS (In the US) may tax you on your worldwide income depending on your citizenship and tax resident status.
Expats living or investing in the United States can also own property in their name or an LLC or C Corporation. Our advice to expats investing in US property should not own property in their name because of the legal issues in America. You are best to use an LLC or C Corporation as an expat investing in the United States.
Landlords that run a property business come to Optimise to help with their international tax needs. Our property tax accountants are here to help you today.
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Our property tax accountants are fully qualified ACA/ACCA/ATT
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Phil purchased a property with a shop above it and his solicitor asked him to pay £10,000 for Stamp Duty Land Tax (SDLT). Sadly he was misinformed and the SDLT charge should have been just £2,000. With the help of our accountants, he was able to claim back the £8,000 (with interest) from HMRC.
Martin purchased a £200,000 commercial building which he was going to convert to a residential dwelling. Unfortunately for him, his prior accountant did not tell him about the tax breaks of saving VAT and SDLT on purchase. He did not repeat the overpayment of VAT of £40,000 or the overpayment of SDLT of £8,000 when one of our accountants helped hom.
Mr Grant disposed of a property and was worried about the CGT liability of £15,000. As an additional rate taxpayer, he already paid over £50,000 of income tax. With the use of an alternative investment as identified by our strategic partners, he was able to mitigate the CGT liability in full and get a cheque back from HMRC refunding £16,071 of income tax. Using our property accountants are here to help you too.
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Many moons ago, when there was no electricity or technology, it was essential to meet with your property tax accountant. Nowadays, with health concerns and social distancing with COVID19, we believe in keeping our clients safe. This is why we choose to use online platforms to book calls with our qualified property tax specialists when you want them. These meetings are hosted live and recorded so that you can replay them at any time. This is not possible with face to face meetings. So now we do not believe you need a “property accountant near me?”.
Live – 1st Monday of every month Our Property Expert Panel live events provide property investors and property developers with an opportunity to ask their questions to the panel members. The session is a relaxed environment where people starting out in property or seasoned professionals can engage with the panel to get their views on all aspects of property investing. We cover an array of subjects from finance, law and of course tax. This is a great place to be in order for you to learn from others as well as the panel experts.
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It is always worth asking a good question to get the answer that you need. There is a great saying. "You do not know what you do not know". How can you possibly ask a question if you are not even aware of it? This is why Optimise Accountants have put together a show to help people understand the tax implications of their business and property-related activities. A lot may be learned by simply listening to other people ask questions and understanding the answers to see how they may relate to you.
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Stay up to date with the latest property tax legislation with insight from our senior property tax accountants.
Simon Misiewicz | 27 Apr 18
Learn moreSimon Misiewicz | 27 Apr 18
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