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david slater

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About david slater

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  • Location
  • Areas I invest in
    Oxfordshire (Bicester) and SE Birmingham. Investigating investing in Cumbria.
  • About me
    I am a property investor with a small but growing portfolio in Bicester and SE Birmingham. I am also a chartered accountant and am running my own practice 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. Hi, I like to think we are on top of all of those points you mention. Happy to have a discussion if you would like, david@accufy.uk
  2. The form needs to be sent off the HMRC within 60 days of executing the deed of trust, which I think is the document you are referring too.
  3. It really would depend on the terms agreed in the loan agreement, so will be up to you if they are your companies.
  4. You would not be eligible for first time buyer relief because you already owned property. You should have paid SDLT at this higher rate because you had 3 properties at the end of the transaction and didn't replace your main residence. You need to talk through with some solicitors who know what they are talking about when you transact on this one as SDLT is more their area. As above not eligible for first time buyer relief. Because you are replacing your main residence you would not pay SDLT at the higher rate. Although there are a number of requirements you would need to meet to be eli
  5. The loan could be written off but take care as there could be tax consequences so ensure you take advice.
  6. That is probably the most common way of getting money into your limited company and will be treated as a directors loan. This means that the company owes you this money back enabling you to draw in down in the future. This can be a good way of extracting money out of the company in the future as over time the balance on the directors loan account can grow to be significant. If you have cash in another trading limited company then it will probably be more tax efficient to set up an inter-company loan where the trading company lends money to the investing company. This will avoid
  7. A company can be set up quickly potentially in as little as 24 hours or less. The bank account can take a bit longer it just depends which bank you are using. The process of setting up bank accounts has taken longer recently because of COVID-19 so ensure you factor in a few weeks at least for this to be safe. Losses are treated similar under both structures. In a limited company you could either use them up in the current year and set against total profits (if you have non - property related income in the same company for example) or be carried forward to use against future year
  8. You need to keep evidence and apply common sense. Photographs and invoices that clearly differentiate between improvements (capital) and replacement/repairs (revenue) are useful and make sure you have a robust digital record keeping system in case you have to revisit later. With regard to the window example it is acceptable that you would replace with a modern equivalent and that there would not be a requirement to treat as a capital expense.
  9. Accountants will charge for the reporting year so it wouldn't really make any difference when you instructed them as you will still pay the same amount. You may need to start paying the fee earlier if they charge monthly. Instructing earlier will also ensure that you get advice from day one, assuming your fees include advice (which ideally they should). Running the profit and loss through accounting software is straight forward enough, it is the balance sheet that is probably more complex as there is big sums involved in purchasing properties and also big liabilities in the form of your m
  10. Sorry it is something I am interested in too but not something I have done yet myself. I did read quite a good book not so long ago by Mark Stokes on this subject called 'SSAS Pensions'. It looks like he might have some other books out too but haven't got around to them yet. He also features on episode 48 of the Scottish Property Podcast talking about them, which might be worth a listen.
  11. Yes it is different if an investing company makes the occasional sale of its investment stock to realise a gain but based on the question it appeared to be a traditional flip that Alex was talking about, purchased to make a profit in the short term, which would be a trade. The type of finance used and length of time held would be a good clue as to which activity was being conducted.
  12. Trading and investing activity is also best kept separate from a tax perspective. Trading companies receive more beneficial tax treatment than investing companies when you come to sell your shares or wind up the company in the future. Also if it is 2 separate companies you can use inter-company loans which can be a tax efficient method of moving funds from the trading company to the investing company to buy property.
  13. You should keep investing and trading (property management) separate as otherwise you may limited your ability to get finance for your investing activity. Some investors use their SPV to manage some of their own personally held properties but managing properties for others is different as this is likely to become a significant part of the companies activities as it implies you will be scaling up this part of the business. Also you increase your risk exposure if all your investing assets are held in the same company as the trading activity. For example if you are sued as a letting agent and mig
  14. Hi Dave happy to have a chat about working together if you would like, you can reach me on david@accufy.uk.
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