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david slater

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About david slater

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Profile Information

  • Location
  • Areas I invest in
    Carlisle, Oxfordshire (Bicester) and SE Birmingham.
  • About me
    I am a property investor with a growing portfolio in Carlisle, Bicester and SE Birmingham. I am also a chartered accountant and am running my own accounting business which focuses on looking looks after the needs of property investors.
  • Property investment interests
  • My skills
    Accounting, refurbishments
  • My goals
    Build up portfolio to give me options about how I choose to spend my time and provide a legacy to my children.
  • Interests outside property
    Keeping fit and training and racing in triathlons (when not cancelled due to COVID-19!).

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  1. I don’t know all of the details of your issue and much about roof materials (never replaced one) but reading your post It seems unlikely that replacing a flat roof would be a capital expense if you are replacing it with a modern equivalent. Similarly if you replace single glazing with double glazing windows you can claim as revenue as double glazing is the modern equivalent. I’m reading between the lines that felt vs rubber would be similar. If you replaced with a Dino V style roof you would be looking at a capital expense as isn’t like for like.
  2. My current advice based on market conditions is to wait till you have an offer accepted on a property. You can set up a company in matter of days but deals can take a long time to find at the moment. If you set up too early you will just be paying accounting fees unnecessarily.
  3. I wouldn’t overthink it so long as it has the details of the meeting and is signed by parties it will be fine.
  4. You can for the reasons laid out above. Your lender probably asked for the reason you were refinancing though? I’d be surprised if you told them of the plan to extract it all and they were happy with it.
  5. Hi happy to have a chat to see about working together. david@accufy.uk
  6. Put DLA as the reference for the bank transfer. This will help you Track the size of the loan. Don’t become overdrawn by borrowing from the company more than you put in. No issue with the timescales you mention although rather you than me buying something so far out from it being completed as plenty could go wrong in that time. Best of luck.
  7. You wouldn’t be able to pass on losses accumulated prior to DoT / form 17 half of them would belong to you if joint property. Property losses can be carried forward to offset against future rental profit but in your case unlikely to be any rental profit for the foreseeable.
  8. Good points made by @Vineet Gupta although you mind find capital gains will be minimal if you have just inherited the properties as value is effectively reset for CGT purposes when you inherit. Still worth questioning if you need to sell, particularly if long term tenants as they can be an asset.
  9. It sounds like you are late paying your first payment on account for 2022 tax year and interest is being accrued. This should have been paid by 31 Jan although submission dates were pushed back owing to Coronavirus. your payments on account are calculated based on what HMRC expect your next tax bill to be. If when you produce your 2022 tax return if your payments on account were wrong it will be corrected and you will get a refund/have to top up depending on how off the payments on account and whether they were under or over. you would do best to pay your Jan payment on account ASAP
  10. Hi happy to have a chat if you would like to see about working together David@accufy.uk
  11. Unless you were replacing your main residence (sounds like rental property is this, this means selling it) you are going to have pay the higher rate of stamp duty.
  12. Replacing carpets and decoration wouldn’t be classed as capital expense despite the intention to sell the property. Opportunities to offset against rental income as a revenue expense would depend if you have other properties let under same structure - it is one property business rather a series of businesses.
  13. You might be best drawing down your directors loan account if you want to pay down personally held mortgages. With interest rates being significantly lower than inflation I’m not convinced this Is a good use of funds though. You aren’t going to beat tax efficient wrappers that you can use in your own name although linked to my first reply point I would still want some cash reserves before I put away cash for the long term. Best of luck.
  14. You might be better off remaining liquid by having some cash in the company bank account to pay for repairs. Funds are long term investments so not ideal if you have to raid to pay for new boiler etc. you can declare a dividend if the company is profitable. The easiest way to do this would be to declare a dividend at the end of the reporting period. If you decide to add the balance to the directors loan rather than extract as cash then linked to the above you can draw down at later date but benefit from having liquidity in the company. If you mean to compare holding a fund in your p
  15. Darren happy to have a chat if you have time. Not local but serve clients nationally david@accufy.uk
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