News | Published February 26 2020

MSR Group well placed to assist landlords with impending tax reforms

A number of new tax reforms for landlords coming into effect in April could present market opportunities for firms like MSR Group, who specialise in tax services.

Coming into effect on April 6 are a number of changes to capital gains tax [CGT] for those selling residential property.

The new tax laws will reduce the window for landlords to declare taxable profits. Currently required to be declared 22 months from the sale date, the window will now be shortened to just 30 days, which may lead to an increase in punitive measures handed out by HMRC for late filings.

UK residents currently pay CGT under Self-Assessment, but from this April, CGT on residential property sales must be declared and a payment on account made to HMRC, within the 30-day window of the sale’s completion.

With landlords inevitably concerned about the likelihood of falling victim to penalties for late filing, market opportunities will likely arise for firms such as MSR Group, who are able to assist with such issues.

Founder and owner of the east London firm, Mahadevan Ruban, spoke to The Parliamentary Review about the expertise of his company in such matters and how it is ideally positioned to assist.

Ruban said: “We specialise in accounting and tax planning, all the way up to HMRC queries. When our clients come to us, they can expect no blind spots in our knowledge.

“Our tax investigation specialists are highly professional with up-to-date technical knowledge and our advisors’ skills are based on problem-solving and make reference to case law.

“This experience and expertise enables the team to highlight clients’ problems and to negotiate with HMRC towards quick agreement on the proposals. Our records show that we routinely win tax cases and solve them within a maximum of three meetings with HMRC.

“Our tax cases include corporation tax, self-assessment, capital gains, VAT, CIS and PAYE.”

Of course, tax specialists are only able to lend a hand if there are buy-to-let investors still operating. Landlords will also be unable to claim tax relief on mortgage interest payments from April onwards, and the squeeze on their profits has already caused many to leave the sector entirely.

Indeed, estate agents Hamptons International have revealed that the number of buy-to-let investors has reduced to a seven-year low, with more landlords likely to consider selling their properties before they become even more costly in the upcoming tax year.

Yet, for those who do choose to stick around, MSG Group's services are one of many options there to assist, should one happen to fall foul of the new measures.

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Authored by

Scott Challinor
Business Editor
February 26 2020

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