ATED Returns

What is Annual Tax on Enveloped Dwellings (ATED)?

ATED is applicable to companies that own a property in the United Kingdom with a value of £500,000 or more.  If so, you are required by HMRC to file an annual tax return whether any tax is due or not. You must also file an ATED return for each individual property that you own. And like all taxes, if it isn’t filed on time, you will be charged a penalty and, if applicable, interest.

At Michael King & Co, property tax is one of our specialist areas. Over the years, we have acted for many companies, not just from the UK but from overseas as well. Not only do we take care of all your filing obligations, but we offer advice to ensure you stay compliant.

We understand that all companies are unique. Which is why we offer a tailored solution for each of our clients. So, whether you own a single qualifying property or a diverse portfolio, our experts will offer advice specific to your needs. Call us today to see how we can help.

ATED Compliance

We will advise you on the many regulations that you should be aware of if your company owns residential property. For example, upon acquisition of a property, an ATED needs to be filed within 30 days. And from then on, an annual ATED return must be filed in the month of April each year.

The tax you are required to pay is calculated using a banding system, based on the value of each property. And the amount you are required to pay for each band increases in line with inflation each year. However, if your property is being developed for sale or is being let for commercial purposes it may not be subject to ATED.

For up-to-date information and guidance on Annual Tax on Enveloped Dwellings, you can always check the Government website.

The Michael King & Co team will help to identify and claim any reliefs or exemptions that apply to you. We’ll advise you on your obligations and the tax you must pay, before filing your return with HMRC on your behalf.

Property Valuation

As your tax is dependent on the value of the property, it’s important that the value is calculated correctly. The taxable value of your property is based on its market value at the end of the most recent ‘Valuation Date’.

It is your responsibility to ensure that your properties are valued correctly for your ATED return. We will always advise you on the best way to value your property using the relevant professional services. This is very important, as you could be charged a penalty if HMRC deemed the value to be incorrect.

ATED Return Filing in Stanmore

Michael King & Co are based in Stanmore in Middlesex. However, we prepare ATED returns for our clients across London, the South-East and overseas. So if you own enveloped properties and want to ensure you remain compliant, we can help. Call us on 020 8954 5879 or send us a message.