UKPA Helps Client Receive Over £14K in Tax Refund

Three years ago, a foreign national working in the UK embarked on a property investment journey with high hopes. Little did they know that the challenges ahead would test them in unforeseen ways. However, with the help of UK Property Accountants (UKPA) and its expert team, they were able to overcome those challenges and receive a huge tax refund totalling £14,800.

It all started when this client bought a property in 2021. They intended to sell it quickly and even took out a bridging loan to facilitate the purchase.

However, the global COVID-19 pandemic and the uncertainties prevalent in the market at the time prevented them from selling the property in 2021, as originally intended. They were only able to sell it in 2023 after incurring a disappointing loss. But then, as with any property sale, their transaction came with the complexities of tax, for which the client approached the UK Property Accountants.

How We Helped?

Situated in the City of London, UKPA’s team of professionals, who specialise in property accounting, tax planning and finance, categorised the client’s property as a “trading asset.” This allowed UKPA to adjust the loss the client incurred when selling the property against the Income Tax they had already been charged in the UK.

UKPA calculated the trading loss the client incurred on the sale of the property and, reviewing the tax they had previously paid, made accurate adjustments in their tax returns for the Tax Year 2023/24.

This approach culminated in a substantial tax refund of £14,800 – a testament to UKPA's commitment to optimising their clients' financial outcomes.

This client has since expressed their gratitude, noting how UKPA not only navigated the complexities of their case but also provided clarity and reassurance throughout the process. The client mentioned that UKPA did everything they promised in a timely and efficient manner, adding that they would not hesitate to recommend UKPA to others.

This success story highlights UKPA's reputation as a trusted partner in resolving intricate tax matters for its clients. Its ability to deliver tangible results demonstrates why it is a leading authority in property accounting and tax advisory services. UKPA’s tailored solutions and proactive approach have empowered individuals like this client to face turbulent tax and investment situations.

For individuals grappling with similar challenges or other taxation issues related to property investments, business structures, inheritance planning and more, UKPA stands ready to provide comprehensive support. Its track record of success, exemplified by this client’s case, highlights its dedication to achieving optimal financial outcomes for every client.