Your Challenges

Property Tax

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Do you run a buy to let/property rental business?

If so, you’ve likely been impacted by the raft of property tax legislative changes affecting landlords over recent years and are increasingly feeling the financial squeeze as a result.

Government legislation has increased ‘red tape’ and workload for landlords, with large fines introduced for those failing to abide by regulations. To add further pressure, the removal of reliefs such as ‘wear and tear’ and ‘section 24 – mortgage interest relief’ now fully in place post tax rental profits, have been significantly reduced as a result of effectively being taxed on notional profits. As a result, it is getting harder to obtain buy to let mortgages where the interest, fees and loan to value ratio are needing to be more commercially viable. All this at a time when the equity being required from the borrowers is at an all-time high.

Plus, it is not just UK resident landlords that need assistance because overseas landlords are now impacted by the capital gains tax changes.

Landlords must also consider the impact of increasing property values on inheritance tax – the Charterhouse approach is to discuss this with you as part of your overall objectives and if this is a concern, we will factor this in to provide a flexible platform to meet your succession planning objectives.

Structuring your portfolio to achieve your objectives is a critical step for the future success of your business. Great care must be taken as it is full of pitfalls for the unwary, however with careful planning these traps can be avoided.

Undertaking a structuring exercise that only deals with a specific issue can leave you open to unintended consequences elsewhere within the structure, both tax and commercial, further down the line. For instance, it may be that you’d considered your capital gains position had been improved but in reality, the underlying liability was simply deferred or that you have an efficient corporate structure for the rental profits only to discover you face significant liabilities when extracting funds into your personal name. It could be that steps you thought you’d taken to allow to plan for future generations to become involved in the business have not had the desired outcome and you still face liabilities today when passing your wealth down.

Structuring your business efficiently is one of the most important steps you can take and although the issues faced in doing so are complex, the rewards for getting it right first time can be monumental whilst the consequence of getting it wrong don’t bear thinking about. It is therefore imperative that you seek not only professional advice but the right professional advice.  Don’t just take our word for it, call us today for a free initial chat to find out more and see the difference for yourself.

To find out more about how Charterhouse’s unique and bespoke approach can help you and your business with property tax, please contact David White.

or call us on 020 8863 4566

Property Tax

London & Counties, a nationwide supplier of office products, changed to Charterhouse Accountants 3 years ago and immediately noticed the difference in the service levels and attention to detail we received from them. They take an active year round interest in our business with timely reminders where required and their knowledge of HMRC rules and the allowances that can be taken advantage of are amazing. We would have no hesitation in recommending them to start ups or larger corporations alike whether based in the UK or abroad. Paul Milbourn Managing Director - London & Counties Office Supplies Ltd. I have been a client with Charterhouse for 15 years. In this time I have always received excellent service. The team at Charterhouse are always suggesting new ideas which suit my business and as a result of this I have benefitted from their innovative tax planning. If ever I have a query or concern it is dealt with quickly and efficiently either by the Partner in charge of my affairs or one of the excellent team of staff.
I have no reservations in recommending Charterhouse to anyone who asked.
Sammi Bazini Direct Supplies Limited
I’ve been using the company for nearly forty years and whether its straightforward accountancy work or complex tax planning advice I can only praise and highly recommend. There are certain business ventures that I have undertaken that would not have been successful without Charterhouse’s valued advice and input. Steve Soper Sopersport Limited I have been a client since November 2009 (I think). I am so glad that I switched to Charterhouse as I find the service to be exceptional. Micky Ackenson the partner in charge of my affairs is very responsive alongside the team that help with payroll, VAT and any other general enquiries. The main thing that I find is that nothing is ever a problem. If you don’t know the answer to something then it is researched and a qualified answer provided in a very short time frame. I feel that I am also always kept up to date about the best ways to manage my business which is one of the main reasons that I made the switch. I would have no hesitation to recommend Charterhouse and have actually done so already. Natalie Heilling Research Partners Charterhouse are my Accountants, supporting my IT and Networking Company for the past 4 years. They produce and submit my quarterly VAT returns and my annual accounts by accessing my Accounting software directly. They are very professional, trustworthy and reliable with prompt replies to any questions I ask. They also provide my payroll needs on an annual basis and file all returns. If you need peace of mind and reliable control, look no further! Kevin Williams KJW Limited
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