At Stanes Rand, we pride ourselves on the extensive knowledge and expertise we have built up in the property sector, which now comprises around 30% of our fee income.
Businesses that we act for within this sector include:
- Property development
- Plant hire
- Building supplies (retail, distribution & manufacture)
- Associated professions (architects, surveyors, letting agents & conveyancers)
In addition, we also have a number of private clients with extensive personal property portfolios.
The practice can trace its roots back to Mayfair where a speciality was built up in both property development and 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.
We have identified that many accountants fail to meet regularly with their clients in order to fully understand their short, medium and long term needs. They see the drafting of year end accounts and advising clients of the arising tax bill as their sole function. The problem with this approach is that it often gives rise to unnecessary tax liabilities. By contrast, we encourage our clients to meet with us on a regular basis. We believe this is vital in order to establish a good working relationship and be able to add value as well as offer sound, tailored advice.
Key areas that we advise on are:
- Structuring tax affairs in the most efficient way possible
- Investment and fund raising
Structuring tax affairs in the most efficient way possible
It seems that many businesses receive little advice on the following areas:
- The use of special purpose vehicle companies
- The claiming of capital allowances
- Using re-investment reliefs on the sale of investment properties
- The difference between a trading and investment business
- The use of sub-contractors
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.
Investment and fund raising
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 and budgets for bank lending applications
- Advising on the best structure for either joint venture or private funding
What can we offer you?
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.