Shipleys LLP

Chartered Accountants and Professional Business Advisers

Property & construction

Recent surveys conducted by the Royal Institute of Chartered Surveyors suggest that the sector overall is starting to recover.

The residential sales market is starting to firm nationally, with London and the South East showing the strongest price gains. Residential rent expectations are broadly similar across the country.

In the construction market, workloads ticked up at the beginning of the year and workload expectations for the coming 12 months are positive, although rising costs are holding down profit margins.

Current issues

We help a wide variety of people and businesses involved with many aspects of the industry. These include valuers, consultants, planners, architects, surveyors, financiers, finance brokers, builders, self-builders, developers, residential and commercial owner-occupiers, investors, agents consultants, and even demolition contractors.

Our input brings together our technical expertise covering a range of areas, and experience built up over many years. We are often asked to help with special projects such as tax planning (including SDLT and VAT), and in the current climate debt and business restructuring, as well as the routine compliance.

Tax planning for those in the sector covers a huge variety of topics and examples include the principal private residence exemption, trading vs. investment, the availability of entrepreneurs' relief, partnerships and succession, inheritance tax, SDLT mitigation, capital gains for groups of companies and capital allowances.

In the current climate it's especially important that compliance work is up to date and cost effective. HMRC are introducing ever more automatic penalties for those who are unaware of the rules or late in meeting them. Compliance areas include management accounts, statutory accounts, audit, PAYE, national insurance, the subcontractors scheme and VAT.

Our expertise and experience

We find that property issues affect almost all our clients, not just those within the industry. The owners of a manufacturing business may own the factory premises and need help structuring the purchase or sale. A senior city executive of may be a self builder for VAT purposes in relation to their new holiday home on the coast. For this reason, we don't have an team specialising in just dealing with the industry. Instead we have developed expertise which is available to all our clients, often co-ordinated by our clients normal Shipleys contact.

Our people contribute regularly to property industry magazines, including Modus (the magazine for members of the Royal Institute of Chartered Surveyors), and The Estate Agent, magazine of the National Federation of Property Professionals, as well as property related issues for the local press.

Through our membership of AGN international, a global association of separate and independent accounting and advisory businesses, our clients can gain access to local rules and practices across the globe.