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Dean Dyson

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  1. Hi Jordan, From my reading of the book some years ago, I believe that the book reference is referring to the relief known as "HS340". Please see Self Assessment: additional information (SA101), Page 2 Box 5. I believe from Debbie's response she is probably referring to the same section of SA101. The following help sheet links may help but ultimately I would suggest you ask your accountant to confirm your situation. (Assuming as a ltd company owner this is something you either have already or will have by year end) https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/690277/sa101-notes-2018.pdf https://www.gov.uk/government/publications/interest-and-alternative-finance-payments-eligible-for-relief-on-qualifying-loans-and-alternative-finance-arrangements-hs340-self-assessment-helpshee/hs340-interest-and-alternative-finance-payments-eligible-for-relief-on-qualifying-loans-and-alternative-finance-arrangements-2018 Hope this helps. Cheers Dean
  2. I believe I have replied to all that have outstanding queries. If I missed anyone - apologies and PM me to kick me into life. Cheers.
  3. Hi, I am in the process of buying a new build flat. I have exchanged contracts and I am about to complete. In the process of completing I find out that the service charge estimate has increased by over 40%. Having owned other flats, I know that service charges can vary year on year and I further understand that estimates can change. My issue is that the vast majority of the service charge increase is attributed to a change of scope in services (rather than estimation error that may be deemed acceptable). Furthermore I was not consulted (or even notified) about this unilateral change. There is a further potential complication in that information pertaining to the proposed change in scope was known to the developer BEFORE I exchanged contracts but information was never passed down to me. The increase in scope is the addition a 24/7 concierge capability and each flat owner is going to be hit by a sum of circa £400 per annum. Had I known the revised scope/cost of the service charge at the time of exchange of contracts, I would have aborted the purchase. I have 2 questions to the forum that I seek opinion upon please;- 1) Is the freeholder/developer/management company allowed to change the scope of the services provided under the service charge without consulting the leaseholders? 2) Do I have any recourse for the fact that information that would have materially affected my decision to purchase was made available ahead of exchange of contracts? (For info, I did ask my acting solicitor for service charge information prior to exchange but the information supplied was not the latest information available at that time). I would greatly appreciate any guidance from those with either similar experience or any legal professionals out there to help me decide whether to seek formal advice from legal counsel. Please feel free to message me if appropriate. Many thanks Dean
  4. Hi PandM, First caveat - just like you I am a landlord/property investor and not a qualified specialist. As a result, I cannot offer real guidance but I will share my experiences that are not too dissimilar. After this maybe google some of the key parts from my response to further research what is / is not allowed. 1) I assume you will transfer the legal title into Joint Names and hence add your wife to the mortgage? If not, I am not sure whether HMRC will allow you to transfer the a portion of beneficial ownership to your wife - you would need to consult a specialist if that is your plan. 2) Assuming you are adding wife to the mortgage and title (as Tenants in Common) then the amount of consideration (by way of mortgage debt) is the same proportion of the property that you gift to your wife and not a straight 50%. I.e, if you want her to be 40% owner tenant in common then it's 40% of the mortgage debt that is consideration. This is exactly what I did 4 years ago with a good conveyancer executing the transaction and filing the SDLT01 form. 3) I agree with your note that SDLT liability would appear to be at "normal rates" between spouses and not with the 3% surcharge since Nov 2017 and hence up to £125,000 consideration it would be below the threshold at which payment becomes due. (But please note that if the consideration is over £40k then you still need to file SDLT01 form and you may need professional help to do so as it does not look trivial) Given I assume you are adding the wife to the mortgage, I expect the acting conveyancer can do all the paperwork anyway (as did mine) in any case. If you find a good conveyancer, he might be able to guide you before instruction / starting the mortgage side of the process. I hope this helps. I came across this site a few weeks ago - it seems reasonably priced and the FAQ is quite useful. https://www.deedoftrust.co.uk/ Cheers Dean
  5. Matt, Helen, Amustprop and Jules - I have PM'ed you with some details. I hope it if of help and good luck with your respective property businesses.
  6. Hi, Apologies to those I have not yet replied to, I have been a little consumed of late with the closing stages and preparations for letting of my first purchase that I made through RMP Property. I plan to send responses today but if I accidentally miss your request, please send me a message. To the question raised by Lindsay / TLC Properties about putting info into the public domain. Whilst I would be happy to state who I chose for my accountant (subject to first seeking his blessing) I do not think it would be fair to put a "review" of experiences out there. My experience is very specific to my circumstances and the engagements that I made. I have tried to be open and very fair in my conclusions (those that I have messaged could be the judge of this) but I do believe it would be unreasonable to post this into the public domain. Last thing I would want is for anything to be taken out of context; whilst some of the accountants were not the right fit for me, I am sure that they are probably very good at their job and offer a service valued by their clients. I hope you understand my position here. Cheers Dean
  7. Chris & Carlos, sorry for the extreamly late response to your request. To be honest I lost track of the email notification and Lee’s note “woke me up”! I have just penned each of you a PM. Lee, I sent you a PM too. Cheers Dean
  8. Tom, Apologies for my delay in responding - been a little busy with my first purchase via RMP! If you still need details, please drop me a note and I will forward some of the details I sent to Rachel. Cheers Dean
  9. Hi Rachel, I did get a response from my post but it was just the one. Additionally to this and since a remote relationship did not bother me, I mailed some of the leads/recommendations I picked out from this forum. Some accountants did not respond but I did end up with 3 accountancy companies that I would have been happy to go with - all 3 were reasonably priced and each had it's own benefits. I have selected my accountant from these 3. I have sent you a PM with further details, rather than posting my views on here as I do not think it fair to paint a public picture on the strength of a few phone calls and emails. Good luck finding an accountant that works for you. Cheers Dean
  10. Hi all, Whilst not new to the BTL scene, this year I purchased my first property inside SPV / Ltd Company and as I approach the final quarter of the company accounting year, it is about time to find an accountant to take on the new area of end of year filing activities!! I would like to consider myself pretty savvy in general numbers and tax game having filed my personal SA returns for many years but the company accounts games is a whole new story that I am looking for help with. I would be happy to do my own double entry bookkeeping and provide my chosen accountant with access to my online books from which to do these annual tasks - or if they prefer to operate a different way, I am open to discussion. I have had a few sensible quotes (and a few silly ones) when researching "general" accountants at the start of this journey but before I take a decision in this fairly niche market, I wanted to post here looking for recommendations of accountants known to operate in SPV/Ltd Companies. I live in Hampshire but I am as happy working with a nationwide accountant as I am a local one. Any help would be much appreciated guys with this my first post within the property hub network. Feel free the message me or reply on this thread. Thanks in advance. Dean
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