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About millymollymandy678

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  1. I'm currently looking at buying a 1960's house which doesn't look to have any major structural issues/damp/red flags. I'm curious about what sort of surveys other investors tend to use for these sorts of property purchases? Which qualifications for surveyors/memberships must they have? I've heard so much conflicting advice about certain surveys 'not even being worth the paper they are written on' or that you are 'an idiot if you buy without a homebuyers survey at least' that I'd really appreciate some thoughts from more experienced investors. Thanks :-)
  2. No, my tenant has discussed with her neighbours, but I don't think anyone wants to admit to being the cause of the infestation unfortunately.
  3. Hi, My tenant contacted me saying she'd seen mice at her property. I don't have a clause in the rental agreement (noted for future!) saying it is her responsibility, so I sent out pest controllers. However, the pest controllers have been unable to address the issue owing to the neighbouring houses (it is a terrace) also having mice. They have put down poison, which they hope will help but ultimately the treatment came with the clear caveat that until the whole terrace row is mice free there is nothing much to be done. My tenant obviously isn't very happy, and I've no idea what to do. Any
  4. Hi, A bit of a random question but do you think much about the appearance of a property before purchasing? This is in the context of mainly aiming to buy BTL properties which increase in value. I understand the points about picking up and coming areas, transport links etc. but I was wondering- would you still invest in an ugly 1960's ex-council flat for example (if it was in the right place), or do you think more attractive properties do better with capital gains? My gut instinct is to aim for more attractive places, if you are hoping for an area to go up in value it makes sense
  5. I don't think this is actually quite the same discussion. The difference being that I wish to close the original company rather than just transfer funds as a loan which would be paid back to the first company. I've discussed this with an accountant now and from a provisional discussion the advice seems to be that it is best to liquidate the first company- incurring 10% tax on the money, then transfer it into the new company as a director's loan, which can obviously be taken out again tax free in the future. There doesn't seem to be much of a way around this, though it will eat into t
  6. Hi, I own a limited company which is no longer being used. I want to take the money in this business and transfer it to a new company for property investment, and then close the original company. I have already paid corporation tax on the money in the original business. Is there additional tax to pay when I transfer it to the new company? Or can I just transfer all of it without being taxed? Thanks, Emily
  7. Thanks that's hugely helpful. On a similar vein, if you release equity from one property does that count as profit? Or could you use all of the money you have released to buy a new property without paying any tax on the released money?
  8. What are the implications of this? I can't see how it makes a difference because I don't have much experience in this area.
  9. Sorry- just want to clarify. When I said profit, I probably shouldn't have used that word. I just mean money made on one particular property, rather than company profits. So if the money made on one property was then used to say- replace a bathroom in another property, would it count as profit from the company perspective? When you come to work out your tax bill, do you essentially have to look at the income and outcome for each property individually, or can you use the money made on one property to counterbalance a loss on another property, e.g. a renovation project?
  10. Just trying to get my head around tax... You own a limited company, which in turn owns a rental property which makes £5000 profit each year. Within one financial year you reinvest all the profit on a new rental property owned by the company. In this example, is there any corporation tax to be paid? Or does the fact that you've reinvested the money mean that your business has no longer made an overall profit and therefore you don't have a corporation tax bill? Thanks :-)
  11. I asked an accountant about selling the property to a company for a minimal amount (the equivalent of a gift) and he said this wasn't possible as the house has to be sold to the company at market price to avoid people dodging capital gains tax.
  12. Hi, I am aiming to transfer two properties which are currently in my name into a ltd company. I don't have the funds in the ltd company to put down a 25% deposit on both properties. I would effectively want to use the money released from the sale as a director's loan to buy the properties. Is this possible? Or is there any way to transfer the properties without saving up a whole new deposit? Furthermore, does any property bought by a ltd company incur the extra 3% stamp duty, or is a ltd company exempt from additional stamp duty for its first purchase? Thanks
  13. So if you set up a new company and do an intercompany loan, do you end up paying a lot of tax as you are moving money out of the first business (i.e. does it count as you withdrawing funds personally?) Thanks!
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