Hardik D Mehta & Co.’s Post

Some great advice here for Property Investors following the Budget 👀 Watch this space for more property-related advice coming soon.... #property #investor #budget

**Should I defer the sale of my Residential Property? (Capital Gains Tax)** With the announced cut in the CGT rate on buy-to-let property from 28% to 24% from 6 April 2024, for any higher rate tax payers who are selling a buy-to-let property in the coming weeks, it might be worth holding off for another four weeks before exchanging contracts to be eligible for the lower tax charge. However if the gain on your property is less than £24,000 and you have not yet utilised your tax free annual exemption of £6,000, you will actually end up paying slightly more tax after 6th April 2024 - this is due to the tax free annual exemption reducing down to £3,000 after this date. If you are looking for advice on your property portfolio then please reach out to us and we will be happy to help. A4G Chartered Accountants / Amanda Stoneham https://lnkd.in/ezP4dYZ5 Mitchell.ewer@a4g-llp.co.uk 01474 853 856

10 Tax Mistakes to Avoid for New Property Investors 1.    Underestimating Tax Implications Skipping on understanding tax can lead to missed deductions and ATO concessions. Don’t overlook CGT and record-keeping!    2.    Inappropriate Holding Structure The right structure can optimize taxes and align with your goals. Advice is key!    3.    Loan Structure Missteps Wrong loan structures affect taxes. Align your loans with ATO guidelines.    4.    Overlooking Depreciation Depreciation deductions can reduce taxable income. Don't pay more tax than needed!    5.    ATO Reporting Non-Compliance Accurate rental income reporting and timely tax return lodging are crucial to avoid penalties.    6.    Misunderstanding Negative Gearing Get the full benefits by properly calculating rental income and expenses.    7.    Ignoring CGT Concessions Plan for CGT concessions to avoid excessive taxes when selling.    8.    Slack Record-Keeping ATO demands accurate records for expenses and income. Stay compliant!    9.    Skipping Professional Tax Advice A specialist like Chan & Naylor can ensure you’re optimizing your tax position according to ATO guidelines.    10. Neglecting Tax Law Changes  Stay informed on tax legislation changes to remain compliant and maximize savings. Each strategic decision is a step closer to your financial dreams. Ready to navigate the complexities of property investment taxation effectively? Contact Chan & Naylor today for expert advice tailored to your investment strategy. Your successful property investment journey begins here. 🌟 #PropertyInvestment #TaxTips #ATO #FinancialGoals #ChanNaylor #rentalproperty #growthmindset #accountantaustralia #propertytaxaustralia #taxaccountant

BIG UTURN THE GRANDFATHER IS BACK The Finance Minister has proposed an amendment to the Finance Bill, 2024, allowing grandfathering in the case of long-term capital gains on the transfer of land and buildings acquired before July 23, 2024. Under this proposal, any excess tax payable on such assets under the new law, compared to what would have been payable under the old law with indexation, will be disregarded. This implies that the long-term capital gains tax on the transfer of land and buildings acquired before the specified date will be the lower of either the tax calculated under the new law at 12.5% without indexation or the tax calculated under the old law at 20% after indexation. #FinanceBill2024 #TaxAmendment #CapitalGainsTax #mgopalco

Are you selling or have you sold a property that is not your main home? If that is the case, you could be liable for Capital Gains Tax (CGT) and you may need to submit a CGT return within 60 days of completion. For sales completed on or after 27th October 2021, you have 60 days from the date of completion to address any Capital Gains Tax (CGT) compliance. Key Points to Note: - UK Residents: A 60-day CGT return is only required if CGT is due. - Non-UK Residents: Must submit a return to HMRC regardless of tax due, reporting all disposals of UK land (not just residential property). This includes indirect disposals, like selling shares in a company deriving 75%+ of its value from UK land. What Should You Do? If you're planning to sell residential property, contact us before the sale. We can help you: - Identify if you need to report - Understand CGT return deadlines - Gather required information - Utilise reliefs to reduce the gain - Claim losses if applicable - Calculate and plan your tax payments Don’t get caught out by not submitting within the 60 days as you may incur penalties for late payment of tax #UKProperty #CapitalGainsTax #TaxCompliance #PropertySales

𝐁𝐢𝐠 𝐖𝐢𝐧 𝐟𝐨𝐫 𝐏𝐫𝐨𝐩𝐞𝐫𝐭𝐲 𝐎𝐰𝐧𝐞𝐫𝐬! Great news for property owners! The Revenue Secretary has clarified that interest costs and stamp duty will not be included in the base price for calculating 𝐋𝐨𝐧𝐠-𝐓𝐞𝐫𝐦 𝐂𝐚𝐩𝐢𝐭𝐚𝐥 𝐆𝐚𝐢𝐧𝐬 (𝐋𝐓𝐂𝐆)! on property. This is a significant development that will benefit property sellers across the board. This move is expected to provide much-needed relief to taxpayers and simplify the 𝐋𝐓𝐂𝐆 calculation process. It's a positive step towards a more equitable tax regime for the real estate sector. Let's see how this impacts your property investments! #RealEstate #PropertyTax #LTCG #TaxRelief #India #Finance #Investment #GoodNews #RealEstateInvestment #TaxTips

BIG UTURN THE GRANDFATHER IS BACK The Finance Minister has proposed an amendment to the Finance Bill, 2024, allowing grandfathering in the case of long-term capital gains on the transfer of land and buildings acquired before July 23, 2024. Under this proposal, any excess tax payable on such assets under the new law, compared to what would have been payable under the old law with indexation, will be disregarded. This implies that the long-term capital gains tax on the transfer of land and buildings acquired before the specified date will be the lower of either the tax calculated under the new law at 12.5% without indexation or the tax calculated under the old law at 20% after indexation. #FinanceBill2024 #TaxAmendment #CapitalGainsTax #mgopalco

IMPORTANT MHP Due diligence item: Your biggest EXPENSE every year is likely PROPERTY TAXES 💰 We’re buying a #MobileHomePark right now and the 2023 property taxes are $5,651.00, however it hasn’t been sold in over 25 years… 😳 Talking with the tax assessor we discovered the PROPERTY TAXES are adjusted annually AND upon SALE 🥸 On our proforma we have Y2 property taxes going up to $24,290.28!! 😭(based on new purchase price) This is an adjustment of $18,639.28 in HIGHER EXPENSES! At a 6 cap this amounts to OVER $310k in property value 🙁 Proper DUE DILIGENCE is key and the seller will ALWAYS try to make you believe that there won’t be a huge change in EXPENSES after you close. 🕵🏼♂️ NOI = Net Operating Income. This is how commercial properties like this MHP are valued and if you miss this re-assessment you will likely be UNDER WATER 💧 immediately after closing. Be careful out there MHP investors. 🙏🏼 #mobilehomeparkinvesting #mobilehomeparkinvestor #trailerparkinvestor #trailerparkinvesting #passiveincome #commercialrealestate #realestate #cashflow

It depends. A 1031 exchange is a tax deferred tool used by property owners to defer tax payments until a later date. If a replacement property is sold in the future and proceeds are received by the seller, then taxes would be due at that time. However, if a replacement property remains in an exchange and the seller dies, some or all of the taxes from the sale of the replacement property may be avoided due to the real estate receiving a step-up in cost basis. To discuss your specific situation, we strongly urge you to get in touch with our professional team. 📞: 702.853.7902 #CAIInvestments #ourteam #teamspotlight #realestate #property #realestateinvesting #propertymanagement #investmentproperty

Maximise your tax savings with Capital Allowances. Did you know that you can claim tax relief on a wide range of business assets and investments, including plant and machinery, fixtures and fittings, and integral features within your commercial properties? Our Capital Allowances specialists will conduct a thorough analysis of your assets (existing or newly purchased commercial properties) to produce a detailed Capital Allowances report that complies with CAA2001 legislation section 562, including a review and conclusion of entitlement to claim Capital Allowances, full site survey and reconstruction cost and land value to formulate a full and valid Capital Allowances claim report. Optimise your Capital Allowances claims today! #CapitalAllowances #TaxSavings #InnTax #InnovationTax #TaxIncentives #Accountants #Solicitors #Conveyancing #CommericalProperties #TaxRelief #Tax #RICS #CharteredSurveyors #Investment #Funding