When dealing with property transactions, Capital Gains Tax (CGT) can be very complicated to understand and account for. In this specialist area, well informed advice and forward planning can help you to enjoy the maximum financial benefit from your property-related activities.
We can advise on many aspects of property-related taxes, just some of which include:
- How rental property owners can reduce their tax liabilities;
- Tax deductions for expenses incurred on rental properties;
- Trading income versus Capital Gains;
- Capital Gains rollover and holdover;
- VAT implications for property-related transactions;
- Principal Private Residence elections and related reliefs;
- Second and additional homes;
- Rent a Room scheme tax relief;
- Tax benefits relating to furnished holiday lettings;
- How buy-to-let properties are taxed.
We can provide you with Capital Gains Tax calculations before any transaction take place, so that you’re fully aware in advance of any potential tax liabilities. We can also advise you how property disposals might be most helpfully timed in the context of your individual circumstances. As and when any transactions are completed, we can update the calculations as appropriate for inclusion in your Tax Return.