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If your company owns or partly owns a UK residential property valued at more than £500,000 you need to submit an annual tax return for enveloped dwellings (ATED) on or after 1st April in any tax year. Our surveyors provide valuations for this purpose.
ATED is an annual tax payable by companies that own or part own UK residential property valued at more than £500,000. Acting for businesses in this situation, our Chartered surveyors determine the value of the building(s) to enable you to submit an annual tax return for enveloped dwellings (ATED) on or after the 1st April each tax year.
We will provide a detailed, evidence based report, based on the statutory definition of market value that provides our opinion of the value for the property in question. Valuations for tax purposes often need to be reported for a specific, often historical date and our team is able to meet this need along with revaluation figures for ATED returns.
We assess all kinds of residential property including houses, bungalows, flats and mixed use developments including those of non-standard construction to provide our considered opinion of its value.
Our aim is to help you make sound financial decisions relating to property. A valuation conducted by a RICS registered valuer will enable you to find out if the value of your property falls within the scope of ATED and will meet HMRC’s ATED valuation requirements, reducing the likelihood of miscalculation of tax and resulting fines.
We aim to turn reports around within five to seven days of inspection and you will be able to talk directly to the surveyor working on your behalf should you have any questions when you receive your report.
Let us know how we can help you and we'll put you in touch with a commercial property specialist.
We cannot give you an exact quote without speaking to you as every property and taxation requirement is different but the professional fees payable will always reflect the particular requirements of your property and the time which it is anticipated will be devoted to the matter.
ATED is an annual tax payable by companies that own or part own UK residential property valued at more than £500,000.
You need to complete an ATED tax return if your property is:
If your company owns or partly owns a UK residential property valued at more than £500,000 you need to submit an annual tax return for enveloped dwellings (ATED) on or after 1st April in each tax year.
If you are unsure wether you fall into ATED brackets, please contact our general practice team for advice.
The current valuation date for ATED purposes is 1st April 2017.
We therefore value properties at this date if owned on or before that date.
Once you have your ATED valuation from a Surveyor, use this guide or contact HMRC to confirm what charging band your property falls into and see how much you need to pay: https://www.gov.uk/guidance/annual-tax-on-enveloped-dwellings-pre-return-banding-checks#banding-check
Desktop valuations, where an opinion of value is reached without an inspection of the property, are not RICS Red Book compliant and as such we don’t conduct them.
We do however conduct desktop valuation updates. These desktop valuation updates are only suitable if we have visited the property on your behalf before, no significant alterations have been made, or the time elapsed since the inspection was conducted isn’t too great.
Desktop valuation updates are commonly used when the validity of the original valuation has expired (usually after three months of valuation date) and a retype is requested to state that the original value is still correct and the market has not significantly changed.
It’s important to secure accurate property valuations for ATED. Underestimate the value and you risk having to pay out more Tax than you expected, but if you overestimate, and you may have to spend significant time trying to reclaim your Tax over payment.
HMRC has the right to challenge and investigate a valuation through its District Valuer Service (DVS). If a valuation is challenged, particularly one not supported by a professional surveyor, you could face hefty fines for having been ‘negligent’ in how you obtained the valuation.
By instructing a RICS registered Chartered Surveyor to provide an ATED valuation, you can be confident that will get an accurate valuation figure that will be accepted by HMRC when submitting your tax return.
RICS registered valuers follow industry best practice guidelines on how to reach valuation figures and are bound by the codes of conduct of their professional body.
Kempton Carr Croft is a RICS regulated firm, has PII insurance cover and all valuations are conducted by qualified RICS registered valuers.
Kempton Carr Croft’s Surveyors regularly provide valuations for properties throughout London and the whole of the South East of England. The team works from offices in Basingstoke, Camberley, Gerrards Cross, Maidenhead, London, Reading, Staines and Windsor.