The tax world doesnβt stop turning at the end of the financial year. For owners of limited companies which own high-value residential property over Β£500,000, another deadline is fast approaching on 30 April β to submit Annual Tax on Enveloped Dwellings (ATED) returns.
If your company is subject to ATED but meets certain requirements, you may be able to claim a reduction in the amount you have to pay before the return deadline.
You could claim a reduction if, for example, any of the following apply:
- The property is open to the public for at least 28 days per year
- It is a farmhouse occupied by a farm worker
- It is owned by a registered provider of social housing
- The property is repossessed by a financial institution
- It is let to a third party on a commercial basis and not occupied by anyone connected to its owner
Do this before 30 April to benefit from this yearβs allowance in full.
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