Property Development

[rickjt62]

Is there specific Inland Revenue documentation pertaining to self-employed property developers or can someone recommend a book which outlines the taxation laws involved in this field.

[sjbeale]

You would be better off talking to a property tax accountant try David Nicoll
of Certax based in Warks -dnicoll@certax.co.uk

[Raph]

Hi,

found the following two books a couple of weeks ago on amazon:

How to avoid Property tax by Carl Bayley
and
Using a Property Company to Save Taxby Carl Bayley


Haven't ordered them so can't really comment, but thought it might be somehing you're looking for.

Good luck,
Raph

[Kent Accountant]

Is there specific Inland Revenue documentation pertaining to self-employed property developers or can someone recommend a book which outlines the taxation laws involved in this field.
Tax in this area can be a minefiled. Qualified accountants go to whole day courses on the various implications and still don't understand all of it! Unless you are already knowledgeable in this area, I wouldn't try to learn it from a book.
You need to consider VAT as well as income tax / corporation tax and possibly capital gains tax could come into it.
Go and seee a local accountant and talk your plans through with him/her. this meeting is likely to be free and you can decide whether they can add value to your plans.
Good Luck

[BrokerSteve]

Agree with Bob. Haven't known a property business without good professional advice. Makes sense to pay for a good accountant if it could save you a fortune in the long run. I think tax mistakes are amongst the most costly to make.

[Babylon]

Is there specific Inland Revenue documentation pertaining to self-employed property developers or can someone recommend a book which outlines the taxation laws involved in this field.

Get in touch with me and I see what we can do to help.

FYI, we specialise in providing property development finance solutions and for my sins I was an accountant in my former life too.

kind regards,

[Raph]

Sorry if my post above was bit misleading. Generally I agree 100%: professional advise is the only way to go - especially as in propery we're usually talking a bit more than the pocket money of a teenager ;-)

Having said that, unfortunately I had two very bad experiences with a solicitor and financial adviser who evidently didn't have a clue what they were talking about - which resulted in me not only paying a lot in fees to them, but also in paying a lot more taxes etc. than necessary in the two years I was with them.

Since then, personally I simply prefer to get as much information as possible myself - not to do it myself in the end, but to be able to check on what "this professional" I'd like to pay for doing it is actually worth :-)

[Alpha]

Sorry if my post above was bit misleading. Generally I agree 100%: professional advise is the only way to go - especially as in propery we're usually talking a bit more than the pocket money of a teenager ;-)

Having said that, unfortunately I had two very bad experiences with a solicitor and financial adviser who evidently didn't have a clue what they were talking about - which resulted in me not only paying a lot in fees to them, but also in paying a lot more taxes etc. than necessary in the two years I was with them.

Since then, personally I simply prefer to get as much information as possible myself - not to do it myself in the end, but to be able to check on what "this professional" I'd like to pay for doing it is actually worth :-)

In that case Raph it may be worth you looking at the property tax portal.

www.property-tax-portal.co.uk

[Raph]

Thanks Alan, but that was actually when I was still living in Germany and luckily we found a few people who really know their stuff, so it's all sorted now :-)