Construction & property

At Sunny Accountants, we appreciate that construction remains one of the most volatile sectors in the UK economy and as such, great care must be taken to ensure your business keeps its competitive edge.

Did you know that the reduced rate of VAT of 5% may be applicable to your conversion of a commercial building to residential use? We are on hand to advise you on all the finer details of HMRC’s VAT Notice 708.

We work with CIS contractors and CIS sub-contractors and our experts are here to help you with the CIS scheme. We aim to maximise your business performance by:

  • Dealing with all of your CIS administration and submitting returns to HMRC
  • Advising you of your responsibilities under the CIS scheme
  • Advising on different VAT rates attached to projects
  • Using specific case law and current legislation to advise on the tax treatment of certain expenses
  • Applying for dispensations with HMRC to avoid needless paper trails
  • Claiming your tax repayment and chasing with HMRC until completion
  • Assisting you with incomplete records

The new reverse charge VAT rules – is your business up to speed?

As of 1 March 2021, more than 150,000 businesses connected to the construction industry need to make a fundamental change to the way they manage their VAT processes.

The reverse charge applies to business-to-business supplies where both businesses are registered for VAT, there is an onward supply of construction and the parties are subject to the Construction Industry Scheme (CIS).

We can provide you with the latest advice on reverse charge VAT and ensure that your accounting systems and software can deal with the reverse charge

Property tax and finance expertise:

With interest rates seemingly doomed to stay at their historically low rates forever, more and more individuals and business owners are choosing to invest in property, whether that is with a view to property development (flipping) or as a buy and hold investor looking to generate rental income.

We have particular expertise in this area and a wealth of experience in advising on the following:

  • How to tax efficiently extract excess cash from a trading company to use as a deposit for a new property
  • How to maximise tax efficiency via furnished holiday lets
  • What vehicle to use to invest in property
  • How to transfer a personally owned property portfolio into an SPV to mitigate the changes to tax relief on mortgage interest costs
  • How to structure a property portfolio to mitigate Inheritance Tax and pass assets to beneficiaries in a tax efficient manner
  • How to claim VAT back on self builds
  • How to combine the use of your business premises and a pension to achieve extraordinary tax savings

Have you ever dreamed of owning an overseas holiday home?  Talk to us and we can advise how to achieve your dream and save some tax along the way.

Property tax in the UK is constantly changing, so it is important to seek help to ensure you are making the most of the tax savings and reliefs available.

We offer accountancy support and specialist tax advice to property developers, property investors and landlords with property portfolios.

Get in touch and find out more about our services to construction and property businesses.

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