Tax Advice for Accountants

As you are aware accounting and tax are two distinct disciplines. Despite the best efforts of the ONS we still have an extremely complex system of taxes underpinned by a mass of ever growing legislation. No individual or firm could be an authority on all of it.

Here at STax we work in conjunction with accountants to provide tax advice in one of the more niche areas, real estate. In the same way that a medical GP might refer a patient to a heart specialist the role of the accountant is to identify when a need for specialist advice has arisen. Especially now post Mehjoo, every firm should have a panel of different discipline specialists they can turn to when client’s requirements go beyond the firm’s core competencies. Some (certainly Mr Mehjoo) would even say accountants are under a duty of care to ensure this is the case. We would be delighted to work with you and be your real estate tax experts.

The firms we have worked with have found our advice particularly useful in the following areas.

  • Capital Allowances – Fixtures

  • Transference of fixtures

    There has been a significant shift in how allowances on fixtures should be handled during the conveyance of a property. If this legislation is not addressed correctly it can have a huge financial impact on both parties.

    We can provide advice on not only complying with the new legislation but also strategic assistance in the negotiation process, to help deliver the best possible outcome for your clients.

    In 2013/14 we ran a series of CPD seminars for the joint branches of the CIOT & ATT covering these changes. The notes from these seminars are on the link below if you wish to learn more.

    CIOT & ATT Notes (PDF).

  • Transactional advice

    When a property is either bought or sold you are triggering a taxable event which will have tax implications, be it SDLT on purchase or CGT on disposal. Whilst the payment of tax is one of life’s great certainties there is no need to volunteer more than required by law.

    We can review transactions, both past and pending to see if the sale/purchase is being handled in the most efficient manner and that all due reliefs have been claimed. Even if a building was bought some time ago there may still be things that can be done to deliver a tax benefit.

  • ATED

    The Annual Taxation of Enveloped Dwellings ‘ATED’ is a new tax on properties held by non-natural persons. This is a completely new tax with its own reporting, reliefs and compliance requirements. Needless to say, making sure your clients are aware of and comply with the legislation in this area is crucial.

As well as providing advice direct to your clients we can also supply you with a number of supporting resources, including:

  • Draft emails to bring these tax related matters to you clients’ attention
  • Articles for newsletters
  • Model documents e.g. s198 elections
  • Technical briefs for use within your practice
  • Training for you and your staff so they can identify areas of risk & opportunity

If you have any clients who are involved in real estate or who own property, contact us today for a chat to find out how we can assist you and your clients.