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Thomas
Thomas, Solicitor
Category: Property Law
Satisfied Customers: 7602
Experience:  UK solicitor holding an England and Wales practising Certificate.
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how do i register with the inland revenue a commercial property

Customer Question

how do i register with the inland revenue a commercial property purchase ?
thanks
Submitted: 2 years ago.
Category: Property Law
Expert:  Thomas replied 2 years ago.
Hi
Thanks for your question.
Do you mean to contact hm revenue and customs for the purpose of accounting for stamp duty? If so, please state whether you have purchased a freehold property for a leasehold property.
Kind regards.
Tom
Customer: replied 2 years ago.

i dont think stamp duty is relevant the property was only 30K.

i was told by my solicitor that i was obliged to register the purchase with the inland revenue.

Expert:  Thomas replied 2 years ago.
Hi
Even though stamp duty land tax would not compatible, you still have to submit a stamp duty return to hm revenue and customs. Has your solicitor done this?
Tom
Customer: replied 2 years ago.

no

Expert:  Thomas replied 2 years ago.
Hi
Has your solicitor registered the transfer at land registry and provided you with land registry official copies showing that you are the new registered proprietor of the property?
Tom
Customer: replied 2 years ago.

yes

Expert:  Thomas replied 2 years ago.
Hi
If you have received land registry official copies showing us new registered proprietor then your solicitor will have accounted to hm revenue and customs on your behalf by submitting stamp duty the tenant. The stamp duty return would state the details of the transaction and normally this is sufficient in terms of informing then.
The other circumstances in which you might advise hmrc is if you propose to opt to tax the property for vat purposes, in which case you would have to send a formal option to tax to the vat department of hmrc.
Apart from that, you really just have to note that you have acquired property for sale you that you have the purpose of accounting for any future capital gains tax liability but there is no formal registration process in this regard at hmrc specifically..
I would ask your solicitor precisely what he meant because provided your sdlt return of the submitted and you're not going to bother to tax the property the vat purposes then there is most likely nothing to do.
Kind regards.
Tom
Customer: replied 2 years ago.

when i purchgased the property i did not have a solicitor acting on my behalf it was a rushed affair, where i trusted the seller and his solicitor. I think maybe because the solicitor was not acting on my behalf, he has done the bare minimum to conclude the sale ??

Expert:  Thomas replied 2 years ago.
Hi
Sorry, to be clear, have you definitely received land registry official copies for the property showing you as being the new registered proprietor of the property?
Tom
Customer: replied 2 years ago.

Yes i have the land registry copies showing me as the owner

Expert:  Thomas replied 2 years ago.
Hi
Well, the property would not have been registered unless a stamp duty return was submitted to hmrc. So if you did not have a solicitor acting on your behalf then you should seriously ask who submitted it on your behalf. The other solicitor probably should not be doing it unless they have got you to complete it yourself.
Apart from that my answer stands and uncorrected.
Kind regards.
Tom
Thomas and other Property Law Specialists are ready to help you
Customer: replied 2 years ago.

Ok thanks

Expert:  Thomas replied 2 years ago.
You're welcome..

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