Several of our clients find themselves needing to file a tax return for the first time due to circumstances such as inheriting property or experiencing a significant change in their financial situation, resulting in additional income. On the other hand, some clients have progressed further and now own two or more properties, transitioning into a more formal real estate business. Regardless of your specific situation, our tax return service offers a straightforward solution to ensure you don't overpay on taxes and remain in compliance with tax regulations.
Our Services
EFFECTIVE ASSISTANCE, CONCISE GUIDANCE.
How we provide assistance to property Owners
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Capital Gains Tax
When contemplating the sale of a property, it's crucial to ensure that you've taken into account the potential liability for capital gains tax (CGT). If you are a UK resident who is subject to taxation or a non-resident, you must submit a return to HMRC within 30 days after the sale's completion. We are here to assist you in estimating the possible CGT liability, whether you are a UK resident landlord or reside overseas. Additionally, we can help you explore strategies to reduce your CGT, such as considering joint ownership with your spouse.
Inheritance Tax
As you approach the later stages of your life, it becomes essential to consider strategies for passing down your property or assets to your loved ones while optimizing the benefits they receive. This involves taking measures to reduce the potential impact of inheritance tax pitfalls and to fully leverage opportunities like providing gifts to family members. Let's delve into the realms of tax planning, succession planning, and ensuring that your property portfolio remains a robust source of support for your family in the years ahead.
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Property companies
If you possess a substantial portfolio of properties or are a novice investor with a higher tax bracket, it could be advantageous to place your properties under a limited company. In either case, Really Wicked Accountants can offer expert business guidance, specialized tax planning services, and manage corporate tax filings on your behalf.