Shaz shares invaluable tax tips and property advice as he takes us through one of his current development projects.
In this particular project, a conversion from commercial to residential, there are a number of significant opportunities to claim tax relief but as Shaz discusses many people miss out because they just don’t know what they could claim.
As he goes through the process from joint venturing to obtaining planning this real life example provides a great insight into understanding what to look at and when to ensure you gain the most at each stage of a development.
KEY TAKEAWAYS
Joint ventures are an effective way to work in property development.
Property isn’t just one business every project is different and the more you involve others the more projects you can get involved in.
We claimed land remediation relief at 150% of the cost.
If you gift the use of the property to a charity with the approval of the council whilst planning is going through they can claim 80% business rates relief.
The previous owners paid rent for 3 months storage of large and bulky equipment to enable effective disposal of it.
Buying commercial property means you can make a capital allowances claim for the fixtures and fittings.
If everyone is involved then everyone benefits.
It is all about working with people who share the same values and mindset.
You have to be patient, in any project there can be things that are out of your control.
Learning to be flexible is key for the success of any project.
Patience and flexibility are the keys to driving any project forward
BEST MOMENTS
‘We initiated the conversation and were open and honest so we were able to come to an agreement’
‘If you are looking to buy property make sure you speak to a capital allowances specialist’
‘Keeping particular features is beneficial to both the building and you’
VALUABLE RESOURCES
shaz@aaa-accountants.co.uk
ABOUT THE HOST
Shaz Nawaz is a serial entrepreneur; he owns five thriving businesses in diverse sectors.
Shaz is committed to helping business owners build successful businesses. Having conducted over 3,000 business growth consultation he has helped his clients generate millions in additional profits. His purpose is to inspire business owners to build businesses that are hugely profitable and sustainable.
He is a huge advocate of having multiple streams of income. He has written a number of business books and regularly contributes articles to mainstream media outlets.
You can find Shaz on:
Facebook
YouTube.
