Stamp Duty Land Tax (SDLT) is a tax charge when buying a property investment. There are two types of Stamp Duty that UK landlords and property investors need to consider. The first is that banded tax rate that starts from £125,000.
The government also introduced the 3% SDLT surcharge for people that already own one property. This is a Stamp Duty additional rate tax charge that starts from £40,000 and is 3% on the entire amount.
Stamp Duty needs to be paid to HMRC within 14 days of the residential property or commercial property purchase. Conveyance solicitors will submit the SDLT1 form the HMRC along with the tax payment.
It is essential to be tax efficient when it comes to property tax. It does not matter how you own buy-to-let properties, but you want to be tax efficient.
It is possible for many landlords to overpay Stamp Duty as their conveyance solicitors use generic HMRC stamp duty calculators. Using generic HMRC tax calculators for Stamp Duty often leads to overpayments. Optimise Accountants work with many landlords and property investors to get a Stamp Duty refund from HMRC. There are many reasons that Optimise Accountants is able to get Stamp Duty refunds for their clients. Uninhabitable properties, multiple dwellings relief, mixed-use property and many other reasons provides landlords with discounts on their stamp duty land tax.
Optimise Accountants provides tax support to landlords/property investors to help grow their wealth and minimise tax: income tax, capita; gains tax (CGT), inheritance tax (IHT), corporation tax and Stamp Duty Land Tax (SDLT). Optimise also helps expats understand taxes in the United States, United Kingdom, Spain and Hong Kong
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