Property taxation – Stamp Duty and Capital
Property taxation – Stamp Duty and Capital
Market research indicates a worrying proportion of property transactions in the UK may be subject to an incorrect assessment of Stamp Duty Land Tax (SDLT). Vast sums of money are being lost by individuals and businesses to HMRC in this way.
The good news is, there is a solution, Redstone Accountancy services Limited via its partnership with Cornerstone Chartered Tax Advisors (The leading experts in Stamp Duty Land Tax in the UK, which is headed up by David Hannah, an acknowledged expert in SDLT, often quoted in the financial press), can help you to determine whether you are due a substantial refund from HMRC and help make sure you get it.
How could you have overpaid SDLT?
SDLT is a complex, and ever-shifting tax, subject to more alterations since inception in 2003 than any other comparable duty. The legislation governing it is full of exceptions and exemptions designed to recognise the vast variety of property types in the UK. Even experienced conveyancers and accountants may be caught out by these – in the last year alone, a staggering number of cases have been reported of clients being misadvised as to their liability to the 3% ‘Surcharge’ for secondary properties. Only a dedicated tax adviser can be relied upon to ensure the right assessment is made every time.
What if my claim is unsuccessful?
We operate on a no-win, no-fee basis. Their initial assessment is free, and will quickly identify whether there is a claim to be made. If there is, it is then a simple case of us writing to HMRC on your behalf to make that claim. In the highly unlikely event they make a claim which is refused, they will charge you no fee. Their fee is only payable once you have your money, and not before.
How far back can you go?
Four years after completion is the maximum timescale in which a claim can be made.
Property Taxation is a big money earner for the government – in 2017 HMRC recorded a record take of over £13 billion in Stamp Duty Land Tax (SDLT) alone.
The question is, how do you ensure that the government doesn’t take a bigger bite from your finances than is necessary? SDLT itself is complex, with many different liabilities, exemptions and allowances adding together to make a nightmare for the uninitiated. Solicitors – as a general rule – will simply look to see whether the property falls under residential or commercial SDLT banding, and make a judgement as to whether the 3% surcharge on second residential properties may apply.
This misses a whole wealth of factors, such as Multiple Dwellings Relief, Mixed Use Relief and others. Missing these elements may cost a purchaser thousands of pounds in needless additional SDLT.
Then for portfolio and commercial owners, there are other taxes to consider – Income Tax, Capital Gains Tax and more – all money spinners for HMRC, largely due to inefficient practices by every type of owner, from student landlords through to multi-national corporations.
We take a holistic approach, looking at not just the property being purchased but who is buying it, why, and how. Only by taking account of all these and many other specific factors can the appropriate measures be taken to ensure that HMRC doesn’t get more than its due.
We offer a full range of services, including:
- Rate Certification – giving buyers the peace of mind that the SDLT they pay is the correct amount due.
- MDR claims – enabling purchasers of larger properties to ensure they achieve their due reliefs.
- Incorporation of Portfolios – helping owners of property portfolios to maximise the efficiency of their arrangements and minimise their losses from taxation.
- Structured planning – helping ensure buyers acquire property in the most tax efficient way.
We deal with clients large and small, and with varying appetites for risk – the only consistency is our service, which is bespoke to the requirements of each individual client.
What we Do
We Cover an Array of Individual & Corporate Accounting Services
From incorporating a company, to filing year end accounts and everything in between, Redstone can deliver the full tailored package.
Redstone offer the full range of personal tax services, including CIS, self-assessment and partnership tax returns along with tax planning.
Not only do Redstone deliver the general accounting services, due to our strong working relationships with leading experts we are able to offer specialist advice in certain fields.
Non accounting financial services
Redstone can be your “one stop shop” for all your financial needs. Via our esteemed partners we can offer a variety of financial services.
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“I’m delighted that I chose Redstoneas for my accountancy needs as I’m left in no doubt this has been integral to growing my business and accelerated the achievement of professional goals. Craig and his team have provided first rate advise, shown exemplary practice and above all have displayed an outstanding level of professionalism in all that they have done for me. They continually provide in-depth knowledge on all matters and have really put me at ease with their pro-active approach, massive thanks again”
“I moved to Redstone Accountancy Services and have been impressed by Craig and his team. The service has been prompt and efficient and the advice of a high standard. Redstone have really strived to support my business growth and are happy to answer any questions as part of my package as opposed to putting on the “meter” every time I call, email or WhatsApp. If you want a modern, client focussed firm look no further than Redstone Accountancy Services Limited.”
"Redstone offer a very high level of service with a modern outlook, whilst still remaining professional. There are always on hand to offer advice as and when we need it, we see them as a trusted advisor."
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