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Property Tax and VAT
YOU RUN a big property company with schemes across the UK. You need to maximise profits. Your talents are best deployed focusing on the development.
The last thing you need is the nagging worry that the taxman is lurking somewhere near the site with powers to bring the whole project crashing down. And it happens.
Brian Garner knows of tax hits that seemed to appear out of the ether - and the sad truth is that most were avoidable with the right advice from an expert property tax lawyer.
"The unexpected tax demand can make a mess of the best prepared budget," says Brian, who heads the Bond Pearce team tax and VAT specialists.
"Even if you start off on the right foot legally, there are phases later in a development where we can help. Take the wrong advice, and taxes on profits can be needlessly high.
"For example, developers can claim capital allowances that will reduce taxes on their profits."
Bond Pearce attributes its success to the close relationship its property tax solicitors enjoy with clients. Instead of consulting legal opinion only for one specific question - or even for impromptu queries - Brian's clients can count on clear advice available upwards from the ground floor of a development.
"We set out to be integral to the business," Brian says. "It's more effective.
"It reduces the number of surprises because we anticipate what the revenue authorities are going to say."
Bond Pearce's track record includes fruitful negotiations with HM Revenue & Customs (HMRC) on the more complicated matters.
"We seek either a ruling or we try to persuade HMRC that our analysis of the VAT position is correct. And we can deal with issues raised by HMRC in connection with particular transactions," Brian says.
The team's expertise covers the VAT implications of various corporate structures, mergers, acquisitions and disposals. Advice is provided as both primary and secondary advisers when clients want a second opinion.
"We place great emphasis on being flexible, adapting to the client's needs and integrating legal advice into the development.
"That flexibility is reflected in our fees."
