How I Made 100k in Tax Savings
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These are things everyone can do to make considerable tax savings when developing property and Shaz goes through what can be saved, step by step using one of his own developments where the total in tax savings exceeded a 100k
\\nHe explains all the possible points that tax saving can be made and shares why it\'s so important to work with a tax expert. Listen in and hear about what steps you can make to optimise your tax savings when developing property
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KEY TAKEAWAYS
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- Before any tax planning, you need to ask yourself is what you are doing legal? Is it effective? Is it acceptable? \\n
- Your tax advisor and accountant will be giving you advice based on the rules set by Government and HMRC’s job is as the enforcer \\n
- Look for around 20% as a baseline profit margin \\n
- If you have a sitting tenant you can use the ‘transfer of going concern rules’ and not pay the VAT but you need to register for VAT moving forward \\n
- If you are converting from commercial to residential you can complete a VAT1614D form and give it to the vendor \\n
- When you purchase a commercial property speak to a capital allowances tax expert early on \\n
- Land remediation relief means you can claim back 150% on the costs when there is contamination like knotweed \\n
- If you subcontract labour and materials you can make significant tax savings \\n
- You need to be proactive and work with a tax expert and understand it’s the simple things that can make the biggest difference \\n
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BEST MOMENTS
\\n‘Make sure you speak to an expert so that you don’t miss out on capital allowances’
\\n‘Planning always takes a lot longer than you think and is more complicated’
\\n‘The savings are big so make sure you look at everything in detail’
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VALUABLE RESOURCES
\\nshaz@aaa-accountants.co.uk
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ABOUT THE HOST
\\nShaz Nawaz is a serial entrepreneur; he owns five thriving businesses in diverse sectors.
\\nShaz is committed to helping business owners build successful businesses. Having conducted over 3,000 business growth consultations he has helped his clients generate millions in additional profits. His purpose is to inspire business owners to build businesses that are hugely profitable and sustainable.
\\nHe is a huge advocate of having multiple streams of income. He has written a number of business books and regularly contributes articles to mainstream media outlets.
\\nYou can find Shaz on:
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This show was brought to you by Progressive Media
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