Real Estate & Property Sector
The real estate and property sector is one of the most dynamic, complex and high risk areas in which to be in business. Frequent legislative change, coupled with many possible options for strategy and structure, calls for specialist knowledge and expertise in order to successfully assist clients to navigate their way around the myriad of issues involved and, ultimately, make the best risk averse decisions.
Tracing his roots back to Mayfair, Andrew Rand developed a speciality in both property development and looking after corporate investment groups, funded by both overseas and UK investors. Examples of their activities included pre-let commercial and retail park developments, university hall of residence purchase and development, enterprise zone letting and development, purchase of pub freeholds and assured tenancy purchases.
Added to this, our central Cambridge location has given us perpetual – and extremely valuable – exposure to a buoyant property market and diverse client base.
We are therefore well placed, in terms of both location and knowledge, to impart our specialist advice to those involved in the property sector, from individuals to large corporate groups.
Who can we assist?
What can we offer you?
As well as providing standard accountancy and audit services, our experienced team offers advice on key areas such as:
Choosing the right structure is critical to the success and life of the company, impacting how you pay your taxes and how you can distribute your profits.
We can advise on the most efficient structure for your business, whether this be company, limited liability partnership, partnership, sole trader, single purpose vehicle or offshore.
Inextricably linked to choosing the right structure for your business, structuring tax affairs in the most efficient way possible, and claiming all available reliefs, is at the heart of our agenda. Property taxation issues are often highly complex necessitating expert advice.
The main taxes usually involved are Stamp Duty Land Tax, VAT, Income Tax, Corporation Tax, Capital Gains Tax and, more recently, the Annual Tax on Enveloped Dwellings (ATED). Inheritance Tax is also implicated with regards to individuals.
Having proved itself to be a rather volatile industry – certainly one that has gone through many peaks and troughs during recent years – it is unsurprising that the construction industry has unique accountancy and tax requirements.
By way of example, we have gained extensive experience in representing clients against HMRC enquiries looking to reclassify sub-contractors as employees. In situations where businesses have been inappropriately advised, the outcome in some cases has been failure to register for the Construction Industry Scheme (CIS), failure to have in place contracts defining the relationship between subcontractors and the contractor, and failure to isolate the risk of potential liabilities by having in place the wrong legal structure.
In summary, alongside the routine preparation and submission of annual accounts and tax returns, we can assist those in the construction industry with:
• Financial forecasts – including cash flows and budgets
• VAT – including eligibility for zero and reduced rating
• Stamp Duty Land Tax
• Compliance with HMRC’s Construction Industry Scheme (CIS)
• Payroll services – including payment to sub-contractors
Construction clients who are concerned that their tax affairs may be the subject of an HMRC enquiry may wish to consider taking out our tax investigation insurance before we submit their tax return.
Investment and Fund Raising
As a whole, the property sector has struggled over recent years, which has given rise to poor bank lending for both operational day-to-day cash flow and development and investment projects.
We have helped clients overcome these issues by:
• Preparing cash flows and budgets for internal day-to-day management control
• Preparing cash flows and budgets for bank lending applications
• Advising on the best structure for either joint venture or private funding
• Raising finance through debt, equity or venture capital
Due to our collaboration with leading London firm of Chartered Accountants and Independent Fund Managers, Thompson Taraz, we can access the following services to assist those involved with collective investment funds:
• Fund Management & Consultancy (including fund establishment services, advising on fund structuring, investment processes, financial modelling and regulatory compliance)
• AIFMD Depositary services (involving cash monitoring, safeguarding of assets and oversight of fund operations)
• Fund Administration
• Collective Investment Syndicates
Although outsourced services, our alliance with Thompson Taraz ensures these are provided in a seamless way.
In short, we can offer you peace of mind and confidence that you are choosing an accountant who has proven experience assisting businesses and individuals who have faced similar challenges to your own.
If you would like to identify how we might assist you, please do get in touch.