As corporate tax accountants in Sunderland, we have a wealth of experience to draw upon to provide sound advice on all of your tax issues.
It is with regular, sound advice on tax planning from specialist corporate tax accountants that you can grow your company, be able to secure it against any eventuality and take advantage of every opportunity available to you.
Expert tax planning advice
Smart advice on corporate tax planning can help you achieve very substantial benefits, such as keeping your tax payments on large single transactions to a minimum.
Our tax accountants can provide you with both compliance services and advice on corporate tax planning. We advise a range of clients from quoted PLCs or members of international groups to local one person companies in Sunderland.
Will you be taxed on the sale of your home?
When selling your home, whether it’s your main or only place of residence, you would previously have been correct to assume that the sale would be exempt from Capital Gains Tax (CGT).
Recently though, HMRC has been challenging claims that property sales are exempt from CGT. The basis of this is a rule whereby when a property has been purchased with the intention of making a profit, the CGT exemption does not apply. The worrying aspect is that this is true of property sales by virtually every home owner in the UK! Previously, the rule has only been applied when the sale is very obviously for profit-only reasons, ie. when the property was never intended to be lived in. An example would be when the next buyer for the property has been lined up before the sale has been finalised.
There have lately been a worrying number of tribunal and Court cases in which HMRC has challenged claims that gains on property sales are exempt and where the decision has gone against the home owner. There is clearly a move towards assessing what constitutes ‘residence’ in terms of type and longevity, rather than simply establishing whether or not the property is a ‘home’.
If you are selling a property and would like advice on whether it may be liable to Capital Gains Tax, please call Martin Johnson, partner at UHY Torgersens, on 0191 567 8611.
Our corporate tax accountants can help with:
- Preparation and submission of self-assessment returns
- Advice on instalments and other payment dates
- Buying or selling a business
- Obtaining 100% capital allowances
- Loan relationships and foreign exchange
- Group relief
- Loss relief planning
- Capital Gains
- Relief for expenditure on intangible assets
- International tax planning
- Reconstructions of a business or group
- Share option plans and PAYE and NIC health checks
Through working together to understand your business and your businesses needs we can provide a valuable and effective service.
The next step
If you would like to discuss the tax services we can provide for your business in more detail, please contact one of our corporate tax advisers.