Valuation of Company Properties for Tax
Further to Developments in Property and tax law you may be wondering if you require, a Valuation of Company Properties for tax purposes, we are not experts in tax issues but we are property experts and we can advise that;
In accordance with the requirements of the Companies Act and FRS 15. The property held within a company is required to be valued in order to appear on the companies balance sheet.
These assets will be in two classes;
Freehold Property; generally the property that a company uses as its offices or yard and accommodation.
A full valuation needs to be carried out every five years by a qualified external valuer, which would be a Chartered Surveyor and Registered Valuer.
Where there has been a material change in value it should also be valued by a Qualified Valuer, generally during the third year after the last valuation.
Investment Property; This is generally property held by a company which is used as an investment property and is occupied by another person or company.
If you require a property valuation or further advice on when to value your properties, please contact us on 01376 573877