Taxes

blog yellow circle pmgHere are various blog resources related to all the taxes involved with property interests, from VAT and SDLT, to income and capital gains, to rates and council tax. These will help you work alongside other accounting and tax advisors to make sure you cover all bases to reduce your overall tax liabilities.

 

The 10 Basics to Property Business Rates

business rates property management guideBusiness Rates are a form of tax paid for use of business premises, similar to paying council tax for use of residential property. This principle of work taxes originates back to Tudor times, with the current Business Rates system stemming from 1990, the basic principle being that a business pays a tax to the local authority for use of business property space that is proportional to how valuable that space is to them.
 
So bigger and more in-demand locations will pay more, which although sounds fair in principle becomes complicated when you try and implement it. The government decided to re-value these amounts every 5 years to save more frequent re-assessments, with the last one technically being due in 2015 which is five years on...

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The Double-Edged VAT Sword

vat double edged sword property management guideThe world of VAT and tax can be confusing anyway, but certainly when you involve property interests it can get even more complicated, In actual fact, there is a fundamental difference that is often missed by parties which can suddenly unearth VAT liabilities and additional charges later on down the line.
 
Without going into too much detail at this stage, it’s best to understand this difference from two different perspectives. The first is related to the VAT status of the property interest itself, and the second for the people interests involved.

The Property Being VAT Elected 

So firstly see the property interest itself as being an ‘asset’ when looking at VAT, which may or may not need to attract an additional Vat charge as...

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Small Business Rates Explained in Context

small business rates property management guideWith business property you have to pay business rates for your property as opposed to council tax with a residential property. Larger businesses tend to be used to these and factor them in with other property costs, whereas smaller and new businesses often don’t even realise they exist, and even if they do, they don’t necessarily realise how they should be correctly calculated and charged.

I have recently been involved with a charity agreeing lettings to small local businesses, and it helped to break down this whole business-rates process into elements. The good news for them and in fact a lot of small businesses is that the eventual rates cost can be zero or at least dramatically reduced after the government initiative to help encourage...

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pmg logo small croppedResources to help you easily manage property interests - to increase values, save costs, and see less frustrations