ATED Return
Your property is a dwelling if all or part of it is used, or could be used, as a residence, for example, a house or flat. It includes any gardens, grounds, and buildings within them. Some properties are not classed as dwellings, such as hotels, guest houses, boarding school accommodation, hospitals, student halls of residence, military accommodation, care homes, and prisons.
An ATED return is required to be completed where your company owns a dwelling in the UK that is valued at more than £500,000. Returns need to be submitted online to HMRC between 1 April and 30 April in any chargeable period. However, when you purchase a property that falls within the ATED regime, the return will need to be prepared and submitted online to HMRC within 30 days. The annual chargeable amounts for ATED increase annually in line with the Consumer Price Index
There are reliefs available to reduce chargeable amounts to nil. However, a Relief Declaration Return needs to be prepared and submitted online to HMRC by the due date to claim the relief. Penalties and interest Penalties and interest could be charged if you do not file your return or make your payment on time. Penalties could also be charged if an inaccurate return is submitted.