Video:

Tax law – Three vital tips for private clients

Author: Chris Springett, James Kirk (yBC.tv)

Categories: Financial Reporting, Getting advice, Personal Finance, Personal Wealth, Tax Planning
Tags: legislation, property, residency
A finance advisor will help you understand what you need to do to comply with tax law. In this TV show Smith & Williamson's Chris Springett explains the best process to follow with your advisor.

Tax law for property

One is record keeping, record keeping absolutely vital, making sure that they retain the evidence that they were living at the property, when they were living at the property. Secondly, come to us early. There’s, under the legislation there’s an ability to make an election, if you own two or more properties and you want to decide which one is your main residence for the purpose of the relief, you can make an election. So again, if we can do that, there is a time limit on that, so if we do that earlier then that’s great. And then I suppose finally, when coming to sell the property, again let’s have a chat, see what’s happened, put together a timeline and perhaps there might be something to do at that stage. It’s a lot easier to do it at that stage than after the sale has happened and we’re looking to piece together stuff from perhaps 5/10, even 15 years ago. ______________________________________________________________________________ For more discussion on tax law, keep checking back on Inside Finance TV    
Related videos