Property & Capital Gains Tax
For property owners, landlords and investors who want to understand the tax implications of letting, buying and selling before they act.
Property tax is rarely as simple as it looks
Property can be an excellent investment. But it can also create tax obligations that are more complex than many people initially expect. Rental income, allowable expenses, joint ownership, property sales, Capital Gains Tax, overseas property and changes in residency can each raise different tax considerations.
IB&Co Tax Advisory helps clients understand property tax considerations and consider Capital Gains Tax implications before major decisions. Whether you let a single property or several, those questions are best considered before a sale, transfer or purchase rather than afterwards. We start by understanding your circumstances and what you want to achieve.
COMMON QUESTIONS
Common questions we help property owners think through include:
- What expenses can I claim against rental income?
- How should jointly owned property income be treated?
- What happens when I sell an investment property?
- Could Capital Gains Tax apply?
- What records should I keep?
- How does overseas property income interact with my UK tax position?
- What happens if my residency status changes?
Who it's for
This service is for individuals who own, let or invest in property and want to understand their tax position before they act. It may be particularly relevant if you are:
- Letting a property, in the UK or overseas
- Owning property jointly with someone else
- Planning to sell or transfer a property
- Investing in further property
- Expecting a change in your residency status
What you get
Depending on the scope we agree after your first call, you can expect:
- Identification of the key tax areas for your circumstances
- An initial assessment of risks and planning opportunities
- Priority recommendations and suggested next steps
- Where a detailed review is agreed, structured analysis, professional recommendations and an implementation plan
- Where required, ongoing planning and advisory support
Reporting and record keeping
If you sell a UK residential property and there is Capital Gains Tax to pay, you usually need to report it and pay the tax within 60 days of completion, separately from your Self Assessment return. Non-UK residents must report every sale of UK property or land within that deadline, even where there is no tax to pay.
Landlords whose property and self-employment income is above HMRC’s threshold now have to keep digital records and send quarterly updates under Making Tax Digital for Income Tax. See our Making Tax Digital page.
For property bookkeeping, accounts and Self Assessment, see our Property Owners services.
A Proactive Approach
One of the biggest mistakes property owners can make is seeking tax advice only after a sale, transfer or major transaction has already taken place. By then, there is less room to plan. Speaking to us before you sell, transfer or buy, or change how a property is owned, gives us the chance to consider the Capital Gains Tax and wider tax implications with you first.
How it works
Your first call is a Tax Planning Discovery & Scoping Call. The purpose of the initial conversation is to understand your circumstances and determine where IB&Co can provide meaningful advisory support. From there, the process follows five clear steps.
Discovery
We start by understanding your circumstances and objectives.
Scope
We identify the areas requiring further consideration.
Review
Where appropriate, we undertake a detailed advisory review.
Recommendations
We provide professional guidance based on the agreed scope of work.
Ongoing Support
Where required, we provide ongoing planning and advisory support.
Meet your adviser
Ishmael Bangura, Managing Partner
Ishmael Bangura is the Managing Partner of IB&Co Accountants. He has been a practising accountant and tax adviser in the UK for about 15 years, and in that time has advised more than 950 clients, including startups.
Ishmael is also an entrepreneur who has built and exited businesses of his own, and that experience of running a business informs how he approaches tax planning with clients.
Other Tax Advisory Services
Tax questions rarely sit neatly in one area. Explore our other Tax Advisory services below.
Business Tax Advisory
For SMEs and growing businesses seeking a more proactive approach to tax planning. We help owners and directors consider the tax implications of business decisions before the year end, not after it.
Director Tax Planning
For company directors and shareholders reviewing remuneration and income extraction strategies. Salary, dividends, pension contributions and the timing of payments can affect both your personal and company tax position.
Corporation Tax Planning
For businesses seeking greater visibility and planning around Corporation Tax. We help you bring tax considerations into investment, expenditure and profit extraction decisions earlier in the year.
Personal Tax Planning
For individuals with multiple income streams or increasingly complex financial circumstances. A decision in one area of your finances can affect your tax position in another, so it helps to plan ahead.
Residency & International Tax
For internationally mobile individuals and those with overseas income or cross-border interests. We help you understand UK tax residency and overseas income questions before key decisions are made.
Inheritance Tax Planning
For individuals and families thinking about estate planning, gifting, trusts and reliefs. Inheritance tax planning is really about making sure your money goes to the people you care about.
R&D Tax Credits
For companies investing in innovation, in any sector. We help identify qualifying R&D activities, document the work and prepare claims, including the HMRC paperwork.
Tax Investigation Support
For individuals and SMEs facing an HMRC enquiry, compliance check or disclosure. We act as your authorised agent and deal with HMRC on your behalf, so you do not have to face HMRC alone.
Stamp Duty Land Tax (SDLT)
For property buyers, including purchases through a company and mixed-use property. We advise on reliefs, the higher rates for additional dwellings and possible SDLT reclaims, ideally before you exchange contracts.
Frequently Asked Questions
Before the sale, transfer or other major transaction takes place. One of the biggest mistakes property owners can make is seeking tax advice only afterwards, when there is less room to plan.
It may. Whether it applies, and how, depends on your circumstances. We can help you consider the Capital Gains Tax implications before you make a decision.
It can. Overseas property income and changes in your residency status can raise different tax considerations and can interact with your UK tax position. A review helps identify the questions to consider.
This page is about tax advisory. For property bookkeeping, accounts and Self Assessment, see our Property Owners services.
Not always, but it can help. Filing a return reports what has already happened. Tax advisory looks at important decisions before you make them, so you can understand the possible tax implications while there may still be room to plan.
Our Tax Advisory service is designed to complement your existing accounting and compliance work.
We quote after the discovery and scoping call, once we understand what you need.
Request a callback
Prefer us to call you? Leave your details, the service you are interested in and a convenient time, and a member of the IB&Co team will call you back to talk through your circumstances.
Talk to us before you sell, transfer or buy
Let’s start with your circumstances. Book a confidential initial conversation with IB&Co to discuss your circumstances and identify the areas where Tax Advisory support may be appropriate. Where detailed tax advice is required, we will explain the recommended next steps and engagement process.
Bring your latest accounts or tax return and a note of what you want to achieve.