Michael Sohor & Co is now known as Tamen Accountants. This is a name change only - we are the same dedicated team, and look forward to serving our valued clients for many years to come.
Whether you are a landlord or investor in property, getting organised and adhering to all of the HMRC requirements and regulations can be time consuming. Our experts are on hand to guide you through the whole process
We offer a comprehensive service for property owners and investors. Available at varying levels of support, our services include one-off or ongoing accounts, tax return preparation and tax advice. Whether you own one property or one hundred, we believe it is important that you understand the processes involved to ensure you are complying to all HMRC requirements.
We have an established team with many years’ combined experience.
We are always available on the phone and via email, there are no queries we can’t handle.
We can save you money while providing an excellent service at an excellent price.
Can I get any tax relief on a used commercial property?
You might be able to claim capital allowances on what is known as the “integral features” of the property. Generally, these are the hot and cold water systems and main wiring within the property. Other items are rarely seen in practice. This is a complex area and advice must be tailored to your situation.
Do I need to do anything if I sell a residential property?
If you sell a residential property, resulting in Capital Gains Tax liability, this must be reported to HMRC within 30 days of the completion date. This is a new requirement since 6 April 2020. This must be reported online to HMRC by the taxpayer. Failure to report in the 30 day time frame, and pay the Capital Gains Tax due, will result in a penalty.
If I buy a second home, is there anything I should do now with regard to future Capital Gains Tax plaget any rnning?
You have 2 years from the date of acquisition of a second home to nominate it is your principle private residence (PPR). Currently the last 18 months of your ownership of a property which you have lived in as your “PPR” are exempt from Capital Gains Tax. Lettings relief is all but gone now, with only periods where you co...read more
Should I put my investment property in a limited company?
If you are happy to leave the rental income generated in the company then you might consider this. Otherwise, it doesn’t make sense because rental profits will first be subject to Corporation Tax at 19% then the income must be extracted via salary and/or dividends, which are subject to further tax. Generally a specialist p...read more
...read more frequently asked questions for property
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Using a tax specialist accountant to help you manage your property portfolio can save you hours of stress and time. Get in touch to find out how we can help you with your rental properties.