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While owning a property, a complete knowledge of the property valuation, tax and depreciation schedule must be kept. Having knowledge about these things help you to save the apprehension and also helps in minimizing the amount of money that you will lose by paying the taxes and other such tax related stuff. For this, everyone needs a professional help and support. Expert advice will help you to keep some saved extra money in your pockets. First of all, property valuation must be done. This is the process where your property is valued in terms of its price. For this, help of the property valuers is required. Property valuer is a person who is expert in the assessment of the asset. Property valuers value your property in terms of its location, condition, area and its possibility of being used as a business or commercial property. A quantity surveyor is a professional who estimates the cost of the materials and labor necessary for a construction job. Quantity surveyors are the people who do the evaluation of the need for a variety of materials and calculate the cost of doing any work, especially construction. Quantity surveyors work in the close relation with closely with financiers, architects, engineers, suppliers, contractors, project owners, accountants, solicitors and courts and with all levels of government authorities. A quantity surveyor is highly trained, experienced and skilled in preparing the tax depreciation schedule. The depreciation tax depends greatly on the type of building, its age, and use and fit out. Depreciation is an important accounting task that has to be carried out on every asset or building to wipe off the lost value of that asset or building. In other words depreciation can let us know the current value of any asset. Depreciation reflects the value of the assets, so, this activity should be performed by the property valuers. Depreciation schedule is a scheme of depreciation, amortization rules (table indicating the sequence and size of depreciation over several years). Depreciation schedule normally contains two components, which are: 1. Depreciation Schedule for Construction Costs 2. Depreciation schedule for Fixtures and Fittings Preparation of comprehensive depreciation schedules should maximize tax savings on your investment property. Most businesses maintain depreciation schedules in a spreadsheet program that exists outside their accounting systems. Tax depreciation is the amount of money charged over a property according to its age. Tax depreciation is a form of the income tax that allows the property owner to recover the costs of a certain property. Tax depreciation includes the most types of tangible property (except, land), such as buildings, machinery, vehicles, furniture, and equipment.
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Quantity surveyors, Depreciation schedule, Tax depreciation, valuers,
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