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  1. I’m looking for an accountant to help me create a LTD company to begin a property portfolio. However, I’m specifically looking for an accountant familiar with seafarers. If you fit the bill, please let me know!
  2. We’ve decided to sell the 2 flats, reclaim the additional rate stamp duty, and reinvest within a Ltd company. It also means that when we move house in a few years to a bigger main residence, we won’t have to pay additional rate stamp duty on the bigger place!
  3. Thanks David. Doesn’t seem fair considering we’ve never actually lived in either of the flats. Anyway, those are the rules. thanks again.
  4. Hi, My wife and I were living with parents and managed to buy one flat each, which are both fully rented with tenants in situ. We just bought our first house together to live in, and had to pay additional property stamp duty because we each own a flat in our own names, not within a limited company. Is there any way around paying this additional property stamp duty if we can prove our new house to be our ‘main residence’ for example? I mean, we’ve already paid the additional rate stamp duty and own the new house together so I’m actually asking if it’s possible to get a refund without selling our buy-to-let flats…? Any advice would be much appreciated. In hindsight we should have bought the flats within a limited company I believe, or bought our main house together first, before buying the cheaper flats. We were more interested in investing first before buying our own property to live in, which I think is commendable, but now we’ve been penalised with a massive stamp duty bill. Thanks, Guy
  5. Thanks Richard, it is hard to choose. My strategy is that I want to quit my job in 10 - 15 years and need to know the most tax efficient and profitable way of doing this. It’s certainly isn’t cut and dry either way, and a good accountant wants to charge me well over £500 to even have a discussion.
  6. I think this post from EvolutionBlogger is key, that you can “pay yourself” back any loan you give the company. So by my understanding using his example - even if it takes many years, you can take that 100k back completely tax free in bite size chunks. £1000 per month would take over 8 years to repay, and in that time you’ve paid no dividend tax or income tax, only corporation tax at 19%. ....although I’m only paying basic tax rate of 20%, and would take another 4 or 5 properties to bump me into the 40% tax band. Also, his point about the laptop as a business expense - unless I’m mistaken I can still claim those kind of expenses as an individual, so that doesn’t necessarily give me any more flexibility, and like he says the accounting costs are much higher. Also, the fact you can claim mortgage interest as an expense within a ltd company, is as good as the 20% tax credit on mortgage payment you get as an individual. So the question is whether that extra 1% tax I’m paying as an individual is less than the increased accounting costs, mortgage rates, and complexity of owning through a limited company. Either way, if I lost my job I could still access the rental income, so that isn’t a factor any more. I think as a basic rate taxpayer it doesn’t really matter. There are no clear advantages of choosing one over the other, until you perhaps look well into the future with inheritance. Because I’m already so familiar with owning investment property as an individual it is very tempting to continue on this path until I hit that 40% tax band at which point it would obviously make sense to own through a limited company..........and yet I’m still not 100% sure 😕
  7. Hi All, Everyone seems to have differing opinions so any advice would be great! I am a special case, hopefully you can help. I am a Seafarer therefore all of my income is earned outside of the UK and qualifies for 100% tax relief, providing I spend a certain amount of time outside of the UK. I live in the UK with my wife who at the moment does not earn a substantial salary (baby on the way). She is training to become a professional so may earn a substantial salary in the UK in the future if this makes any difference to your answer. My job is very fickle and I could lose it at a moments notice, so would like to rely on rental income. We are both British residents who pay national insurance and file a tax return annually. We each own a BTL property, the income of which uses each of our £12500 tax-free income allowance. I am in the financial position where I am now able to invest in another BTL property, and should hopefully be able to do this every 12 months or so. Can you please advise whether I should purchase the property as an individual or create a limited company going forward. I am currently 33 and do not intend to work at sea for more than another 10 years, at which point I would like to live off the rent from these properties. I am also conscience of inheritance tax for my children. I understand the tax implications of both options but I’m struggling to decide which would be the best, as all property investors seem to be using a limited company, but my situation is slightly different. At the moment I am considering purchasing as an individual until the profit reaches the £50,000 higher tax band, at which point I would start purchasing through a limited company. However many people say you should just start with a limited company from the very beginning. Any advice would be much appreciated, Guy
  8. Hi, My mother has a mortgage free rental property worth 200k, that she would like to gift to me. I have a rental property worth 250k. My wife has a rental property worth 350k. Our income combined with the income from these properties fall within the basic tax rate. I plan to buy further investment properties in the future, therefore created a Ltd company seems the best way forward. (If only I’d started listening to The Property Podcast when we first started investing). Is it possible for my mother to gift this property to my Ltd company? Or sell it to the company for £1 for example? Any suggestions would be much appreciated please!
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