Tax planning for residential and commercial property owners
More people are investing in property than ever before. Whether you have a second home in the countryside, a property abroad or a buy-to-let portfolio, CKLG Accountants in Cambridge can help with:
- Preparation of property accounts
- Calculating property tax
- Preparation of property pages on your Self-Assessment Tax Return
- Ensuring all appropriate reliefs and allowances are claimed
- Advice on ownership structure
- Capital Gains Tax planning
- Advice on Furnished Holiday Lettings
- Principal Private Residence Relief (PPR)
- Main Residence elections
Furnished Holiday Lets
Furnished Holiday Lets (FHL) follow different tax rules to other residential or commercial rentals, which can be advantageous. If your property qualifies under these rules you will need to calculate the profit / loss separately from any other rental business.
Principal Private Residence Relief
Capital Gains Tax will be payable when you sell a property that is not your main residence. Where you have a second home, we can advise and assist you in making an appropriate 'main residence' election to ensure you optimise the reliefs available to you.
Please contact our personal tax advisers in Cambridge to discuss your property tax requirements.