A Brief Outline of the Main Taxes
If you own a property in the UK you have invested into one of the most dynamic and exciting real estate markets in the world. Owning UK property can be a very rewarding experience and many thousands of investors have profited from stable rental returns and consistent capital growth over the years.
We are very proud of how we work and the systems and processes we have in place to manage our client’s tax affairs.
However, the UK also has an advanced system of taxation which results in obligations and tax exposures when you buy, when you rent, when you sell and when you die. Extra burdens can arise if you own residential property through a company, especially one which isn’t part of a property business. So care is needed to make sure that you stay on top of these obligations and that your property tax affairs are as tax-efficient as possible.
After all, the UK tax system is complicated and it can be hard to understand what you need to do and when. UK tax law applies heavy costs and penalties if you make wrong calculations in your tax return, file it late or in the wrong way and if you do not pay the correct amount of tax at the right time. It can be daunting and difficult to manage your tax affairs, especially if your first language isn’t English.
Even if you do have a tax adviser in the UK who is helping you, they are 7 or 8 hours away, probably only work in English and it may be difficult to pick up the telephone and talk to them. After all, you have probably never met them.