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james a

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About james a

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  1. To be clear I am not an accountant, but I have always been led to believe that you should change a small amount of interest for these loans. Is this wrong?
  2. I think you could use your £1000 personal savings allowance to avoid some of the tax. You don’t have to charge interest on the loan at all and have the company pay off the loan at an amount to cover the mortgage payments.
  3. Liverpool is a large city. Some of it is student HMO but most of it isn’t. If you don’t want to do Student HMOs (and it’s not recommend for a first timer) there are plenty of other alternatives in the city.
  4. For clarity a Ltd company and a person (including directors) are separate entities as far as tax is concerned. They have no impact on each other’s tax liabilities. An individual will be charged an extra 3% SDLT on purchase of a second and subsequent properties. A Ltd property company pays an extra 3% SDLT on all properties it owns including the first.
  5. It is the number of properties you own at the same time, so one you sold previously doesn’t come into it.
  6. 3% extra is applied to EVERY property owned by a Ltd company, even the first. A company doesn’t need a home to live in.
  7. I personally have always seen ground floor flats as the least appealing, and from what I have seen they are often priced lower then other floors (particularly in smaller low rise blocks), but if it had access to a private garden that could make it more valuable.
  8. It makes no difference as a limited company has to pay the extra ‘second house’ stamp duty regardless if it is your second house or not.
  9. I assume form what you have said the new room will be downstairs? If so I think you may find it difficult for buyers to see it as a bedroom, and unlikely to be valued the same as a 3 bedroom house where all the bedrooms are upstairs.
  10. The interest from your company is a personal income and is taxed at the point you earn it. It doesn’t matter what you spend it on after that.
  11. The answer to this may depend on what you plan to do in property. Are you going to buy, hold and rent out property, or buy, renovate and sell property? if you plan to buy and hold then there is almost never a bad time to buy. If you wait for prices to fall you will be waiting for years before they hit the bottom, and you will have lost out on years worth of rent in the meantime. If you do your numbers and you can make a good profit on today’s prices than you should do it regardless for what might be around the corner as rents rarely crash in the same way as property. You can always
  12. The rules for a live in lodger are completely different than for letting a whole property. Basically there are very few rules. For example you can take a reasonable deposit but don't have to protect it, notice to end the letting just has to be "reasonable notice" (if they pay weekly the notice is a week as well). It's pretty straight forward as a result - https://www.gov.uk/rent-room-in-your-home
  13. When you look at the exceptions I struggle to work out who DOES need to pay! Seems like they are aiming to make money from the £100 fines for failing to do a return rather than the tax. In order to be able to claim a relief against ATED, the property must be either: Let to a third party on a commercial basis and not occupied (or available for occupation) by anyone connected with the owner at any time; Open to the public for at least 28 days a year on a commercial basis i.e. stately homes; Being developed for resale by a property developer; Owned by a proper
  14. Doesn't it only apply to properties that aren't rented out?
  15. This is a crappy situation to be in. The reason the valuation is lower than you think it is worth will be due to the low number of recent sales in your area. Mortgage valuations can be appealed (by the buyer) but usually you will have to provide 3 examples of property in your area having sold at higher prices, which the surveyor would have used in the first place had they been available. With such a lack of information the mortgage company is going to take whatever prices property has sold at then apply the % in line with a market increases in the area, but this won't take into acc
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