What Property Tax do I need to be concerned with?
Landlords can be impacted by a number of taxes, depending on their structure and any transactions they are involved with.
The buying and selling of property can involve capital gains tax and stamp duty in most cases, as well as potentially income tax for property traders. We are seeing more tax anti-avoidance legislation picking up those individuals using property trading as their business activity.
Income or Corporation Tax is paid on rental income received from a property when it is owned by an individual or legal entity such as a corporation. In recent years, changes to stamp duty and mortgage interest relief have made the tax situation more complex. Many landlords have realised that now is the time to review their affairs to optimise their tax position. This can result in complications and complexities. So, get everything ironed out and put your best foot forward by utilising our landlord accounting services.
Individuals who own property in the UK but who are not resident here face additional complexity involving the non-resident landlord scheme and capital gains tax for non-residents. Foreign companies owning UK property have also faced additional disclosure and reporting requirements at Companies House.
Wisteria’s tax team are specialists in property, helping many types of clients. Our experience ranges from individual clients with one property, right up to portfolios of £50m of rental property. We have an in-depth understanding of the property market and all of the associated challenges and issues. What’s more, we work with residential and commercial landlords operating independently or via and company or LLP, as well as property developers and non-residents with UK property.
How we can help
As property accountants, we have been supporting landlords like you to manage their property tax issues for over 16 years. We understand the marketplace, what’s changing, and what opportunities there are for the future. This means we can provide relevant, accurate, and ‘jargon-free’ advice on property accounting and tax issues.
We support many landlords who manage one property, as well as larger family groups with up to 100 properties. We always customise our service to fit your exact needs.
We can also help you when you are facing property tax investigations, which have become more targeted in recent years. Our highly experienced experts will help you when it comes to facing any issue dealing with tax and we are here to offer the support you need.
Usually, as property accountant specialists, our service includes:
Tax Compliance and advice
Advising on Recent changes to mortgage interest relief and stamp duty
Capital gains tax planning
Dealing with HMRC property tax enquiries and investigations
Considering longer term inheritance planning
Tax planning and support for families involved in buy to let businesses
Support for non-resident landlords
Service charge audits
Our services are customised to meet the requirements of each client. Every client is in a different circumstance and by structuring our advice and service around the client, we can provide the best possible advice and support. For more information, contact us for a discussion about how we can help.
Why choose Wisteria Accountants?
30 Expert Team Members
120+ Years of Experience
1000+ Happy & Active Clients
As a landlord, we know that you have many tax and account issues to consider. These include:
Changes in mortgage interest relief for landlords
Increased stamp duty charges
Removal of Wear and Tear allowances
A change in the rules for the cost of replacing furniture etc.
An increasing number of property tax investigations driven by HMRC and access to new data sources
We understand that you want to get the most out of your long-term property investment, while paying the least amount of tax legally possible. Read on to find out how Wisteria can help you do just that.
What services does Wisteria offer to landlords and property investors?
Wisteria is a specialist firm that offers property accounting services and tax advice to landlords and property investors. Their services include preparation of tax returns, advising on tax minimisation and structuring, supporting landlords with tax problems, managing accounting for property portfolios, planning for growth and sale of property businesses, and inheritance tax planning.
What are some tax and accountancy issues that landlords and property investors need to be aware of?
Landlords and property investors need to be aware of changes in mortgage interest relief, increased stamp duty charges, removal of Wear and Tear allowances, changes in the rules for the cost of replacing furniture, and an increasing number of property tax investigations driven by HMRC and access to new data sources.
How can Wisteria help landlords and property investors manage their tax and accountancy issues?
Wisteria can help landlords and property investors manage their tax and accountancy issues by providing relevant, accurate, and jargon-free advice on property accounting and tax issues. We have been supporting landlords for over 16 years and understand the marketplace, what's changing, and what opportunities there are for the future. Our services are customised to fit the exact needs of our clients and include preparation of tax returns, advising on tax minimisation and structuring, supporting landlords dealing with tax problems, managing accounting for property portfolios, planning for growth and sale of property businesses, and inheritance tax planning.