Jonathan Vowles Chartered Accountants

01234 752 566

NATIONAL RATE CALL FROM UK MOBILES & LANDLINES

     

Stamp Duty And Property Developers

You can benefit from knowing the rules ...

 
 

POSTED BY JONATHAN VOWLES ON 02/10/2018 @ 9:00AM

Every time you buy a house you pay loads of Stamp Duty, right? Well, sometimes the rules say you can pay less than you thought! But for a property developer, it can make the difference between a nice profit, or not ...

For property developers, Stamp Duty can make all the difference to your profit!

For property developers, Stamp Duty can make all the difference to your profit!

copyright: urfingus / 123rf

This blog post is about the tax refunds of Stamp Duty Land Tax (SDLT) that we have sorted out for our clients. Sorry I'm not going to say how much or whom ... just the why.

Most of these only apply to property developer clients, but one of them was for a lady who moved house. More importantly, can you benefit from knowing the rules and applying them in your own case?

And for any property solicitors reading this, don't forget to ask the right questions and don't process the SDLT paperwork at the full rate of tax:

  1. Mixed property

    A mixed property is one that is part commercial and part residential and the rules say you pay commercial rates of stamp duty which are cheaper than residential rates. A good example of this is when you buy a building that has a flat above a shop. Another example is buying a farmhouse with farmland.

  2. More than 6 properties

    If you purchase 6 or more residential properties in one transaction, ie a block of flats, then you benefit from commercial, not residential rates to make it cost less.

  3. There are a number of very specific SDLT tax reliefs available to property companies:

    • Buying from a dead person's estate

    • Buying from someone who is relocating for employment

    • Buying from someone who is buying a new build

    • Buying to stop a chain breaking down

    Like of lot of tax reliefs, there are criteria that need to be fulfilled before you can claim any of these reliefs, which makes being able to claim them dependent upon the right circumstances arising.

  4. Buying and then selling

    When you buy a house and you are already the owner of another house then you pay the extra stamp duty when buying the second house, but if you then sell the original house, i.e. you only own one house at a time, then you can get the extra SDLT you paid refunded.

We love getting tax refunds for our clients ... and we adore working with property professionals. If you would like help with your Stamp Duty then please get in touch.

"Would you like to know more?"

If you'd like to find out more about Stamp Duty then do give me a call on 01234 752 566 or click here to ping me an email and let's see how I can help you.

Until next time ...

JONATHAN VOWLES


PS:

If you're looking for a new accountant to help grow your business, do visit www.jvca.co.uk and learn how JVCA can help you!


Share the blog love ...

Share this to Google+Share this to FacebookShare this to TwitterShare this via BufferShare this to LinkedInShare this to Pinterest
Click here to Share, Email or Bookmark this website

Précis (0)






More about Jonathan Vowles ...

I've been an accountant in and for business since 1987 and have a wide experience of consultancy, audit, accounts, taxation and wealth planning work from individuals and small businesses to multinational corporations and charities.

My eclectic interests in growing and developing business span a number of areas … and can be summarised as strategic business advice and tax saving advice.

I have worked with the Chamber of Commerce to deliver courses for people about starting up in business and have lectured about tax for a major accountancy practice and for Milton Keynes College.

I relax by reading fiction and by getting away from the office in a campervan.

Telephone:

01234 752 566

Website:

http://www.jvca.co.uk


More blog posts for you to enjoy ...

How To Grow Your Business: Lesson One
Keeping the cash rolling in ...

Is Your Businesses Just Trying To Survive?
It's all about knowing what to change ...

It's Time to Ban Excuses
And get on with it ...

Buying A Commercial Property In The United Kingdom
What can go wrong, and what do you need to be careful of?

Top Tips For Improving Your Charity Fundraising!
The third sector is big business ...

What Is The Point Of HMRC's Tax Gap Estimates?
Mind the gap ...

Do You Have An Overseas Property Or Bank Account?
Uh-Oh! Is The Taxman About To Get You?

Do You Pay Enough Tax?
This is not a stupid question ...


 

By Category ...

Budget Analysis (30)

Debt Management (1)

General (9)

Grow Your Business (2)

Guest Posts (1)

Legislation (4)

Pensions (4)

Property (6)

Running A Business (47)

Starting A Business (14)

Tax (21)

By Popularity ...

Salary Sacrifice: Get A Tesla S And ...

Top 10 Questions To Ask When Starti ...

Do I Need A Property Investment Com ...

Why DIY Corporation Tax Returns Are ...

Are You Thinking Of Starting A Busi ...

What Drives People To Start A Busin ...

Start-Up Saturday And Global Entrep ...

Cash And Sales: The Keys To A Succe ...

Five Top Tips For Crowdfunding Succ ...

Are You Killing Your Own Business?

Login ...



Remember me

Quote of the day ...

"The definition of insanity is doing the same thing over and over and expecting different results"