Jackie Barker and David ClarkeThere are many matters that need to be addressed when considering the purchase or sale of a property and the tax treatment of the income arising. These are areas that we deal with constantly and we are therefore in a good position to guide you through the complexities that each stage will bring.

We have provided some guidance below to get you moving in the right direction – we are also happy to discuss matters with you if you require further guidance.

Property letting

If you personally own a property and receive rental income from this, tax is due on the income arising and must be disclosed on a tax return form. If is therefore important that you keep records of the rental income received and any related expenses.  The tax relief on expenditure for rental income is fairly generous and it is therefore important that you claim for all items that you are entitled to.

For further information on your tax position, please contact us.

Selling your property

When you are disposing of your property it is important to ensure that you notify HM Revenue & Customs of any chargeable gain that arises.  For tax purposes, a disposal occurs when ownership changes or when the owner disposes of any right or interest over the property by way of sale, exchange or gift.

The tax implications will depend upon your specific circumstances and relief may be available if the property is or has been your only or main residence or has been used for the purposes of your trade.

For further information on your tax position or help with calculating your tax liability please contact us.

Structuring your property business

There are various different ways that your property business can be structured and it is important to ensure that the taxation consequences are considered as these can differ substantially depending upon the structure you use and whether your are trading or investing in property.  

The tax implications will depend upon your specific circumstances and relief may be available if the property is or has been your only or main residence or has been used for the purposes of your trade.

For further information on your tax position or help with calculating your capital gains tax liability please contact us.  

Contact us for a free initial consultation and fixed quote
01892 507 280 or chat to us via email