When establishing the value of a property or investment portfolio for tax purposes, it is important to get it right first time. The valuation process can be complex, and any errors are likely to be costly and difficult to rectify. Our professional property valuation team have direct experience of working closely with HMRC to establish property values, so you can be sure of your tax liabilities.
Getting it right
Whenever you inherit or acquire new property, HMRC places the responsibility on you to accurately report its value so that you pay your legal tax obligations. At Mylako, our team of experts can work with you side-by-side to navigate the complexities of capital gains tax and other obligations.
On 6th April 2015 a major change occurred in the rules governing capital gains tax for non-UK residents. From this date, all non-UK residents who own property in the UK have to pay capital gains tax when that property is sold. The government has suggested that non-resident property owners (Non Domiciles) record the value and condition of their property as it stood on 5th April 2015.
If you are a non-domicile and own property the UK, we recommend you carry out this valuation as soon as possible. Even if you have no plans to sell your property in the foreseeable future, the closer your valuation is April 2015, the greater weight it will hold for taxation purposes when you do go to sell your property.
We offer a comprehensive probate valuation service that includes all commercial and residential property, as well as personal effects and assets. We create an accurate assessment of property value that takes into account the value of all assets, balanced against any outstanding debts and liabilities. We work directly with HMRC to submit your IHT forms and confirm all declared valuations.
Our service allows you to be clear on inheritance tax, so you can concentrate on more important matters at a time of grief following the loss of a loved one.
Find out more
For an accurate and affordable tax valuation service, get in touch with our team of property experts at Mylako today. Send us a message through our quick enquiry form, or give us a call on 020 7183 0321.