Property development in partnership

Property development in partnership

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A client has completed a property development but has used a partnership structure rather than a limited company. There was only one development. The potential tax liability is substantial but we had previously suggested a limited company structure. Is there anything that can be done to reduce the tax liability? Any ideas/thoughts would be gratefully received.
JMS

Replies (5)

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By AnonymousUser
07th Dec 2007 10:36

Yes, something can be done
I may be able to point your clients towards a solution that effectively reduces the tax payable by 50% or more, depending upon your definition of "substantial"!

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By Malcolm Veall
09th Dec 2007 19:19

Get off this site
This forum is not designed for people who want to acquire business, especially if they do not want to share any knowledge.

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By AnonymousUser
10th Dec 2007 11:47

GOOD LUCK!
Oooooooooh! So sorry! I forgot most accountants think that looking for business is distasteful and that they should wait and see what comes to them and react accordingly. To me they're the same thing - helping people is my business, I just don't do it for nothing.
Anyway, I wasn't actually looking for business in this case, but was offering to put you in touch with someone with particular expertise who would be able to offer your client a solution to their tax problem.
But now you'll just have to choose from all the other responses on this site - or be negligent in not making your client aware of all their alternatives. I'm glad your not my accountant - and that I'm not your PI insurer!

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By Malcolm Veall
10th Dec 2007 18:34

You are missing the point
1. I am not the querist so I do not see the relevance of your comments about my PI insurance.

2. We all know that a public forum query is not a substitute for proper research or consultations but the nature of this forum is that querists are free to ask questions and respondents are kind enough to share information - they are prepared to, "do it for nothing". Respondents who suggest they know the answer but are not prepared to let the rest of us know only waste everyone's time.

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By AnonymousUser
11th Dec 2007 12:02

Arguements
Oh Dear. Will you two chuck it, shake hands and let's get back to helping one another. We are in the season of Goodwill remember - the non-taxable sort.

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