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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. If you are unsure you are best getting a consultation that can dig into the detail of your individual circumstances. You are correct but also need to factor in National insurance if you trade property in your own name.
  2. If you are married then you are treated as a single unit so it is not relevant that your wife does not currently own property. You will own more than one property at the end of the transaction and are not replacing your main residence so you will pay the higher rate of stamp duty.
  3. Payments you make from your personal account for allowable business expenses can be added to your directors loan balance. Ideally you should be making payments from your business bank account though where possible to keep your personal and business affairs separate.
  4. I have never had to do this. Everything has been done virtually. There was one time years ago where I had to go in person to identify myself but haven't had to do this since.
  5. Hi Lewis My tip would be to wait until you get a decision in principle from a prospective lender and then see who is on their selected panel of solicitors first. This will avoid wasted £ and time if you pick someone who isn't on their panel. I have also used one lender (not sure if it applies to others) who instruct a solicitor on your behalf after they give you a mortgage offer. As to location hopefully shouldn't be a requirement to visit them so wouldn't need to be close by. Local solicitors might not be ideal for this type of transaction, depending where you live of course. H
  6. Most accountants will offer a registered office service if that’s what you needed. Also you can try local companies rather than London based.
  7. Hi, not sure about this mystical list that people keep referring to but happy to have a discussion if you would like. David@accufy.uk
  8. Hi Alexandru happy to have a chat if you would like, david@accufy.uk
  9. Hi sorry I misread what you were trying to say I thought you were referring to the purchase by the limited company. If you are replacing your only main residence then you do not pay the higher rate of SDLT. I am not really sure where you would stand with regard to the property that you have on a consent to let, being in the military and whether this could could be viewed as your main residence, noting that it is let out but your circumstances are quite unique. The below is related but doesn't answer your question but suggests they may have some knowledge in this area. https://www.bla
  10. Yes you can do this but there will be frictional costs involved such as fees and taxes (SDLT and possibly some CGT). You need to look at whether the longer term tax saving is worth taking the hit in the short term. I think you mean would you able to claim the higher rate of stamp duty back? No you can't. Limited companies always pay the higher rate of stamp duty. The main issue you will face is the costs of the sale of the property from you individually and the purchase by the company. Remember when the company owns the property that it doesn't benefit from the same relief
  11. In effect added to the value of the property, no tax relief until you come to sell the property when the purchasing costs can be used to reduce the amount of corporation tax or capital gains tax you pay, depending on the structure you have (I assume limited company? if so corporation tax). You can ask your solicitor to split conveyancing fees and break them down to the part that is linked to acting on your behalf when making the purchase (capital) and the part linked to arranging finance (assuming they are also acting for the lender) You can then treat this part as revenue. Depending on y
  12. I haven't set up a directors loan account ISA yet but am aware that rebuilding society provide this service, maybe check them out.
  13. Hi Theo, I am looking into doing it myself, I am already paying into another IFA this tax year so can't until next tax year. I currently have a large DLA which I haven't chosen to charge interest against. Going forward I would use my ISA allowance each year, even though £20k is comparatively small it will soon add up over the years with added bonus of tax free interest. It could be a good long term strategy for some profit extraction via interest.
  14. I found that one of my agents seemed to fall to pieces with covid. I think they had everyone working from home and didn't really know what all their staff were doing at any one time. Mix in some furlough for good measure and you have a massively reduced service. I think there is no excuses now though so might be time for a change unless they can sort themselves out.
  15. It would generally need to be used for the purposes of your property business to be able to offset the additional borrowing. If we changed the example and the intention was to utilise the additional borrowings to buy more property in your own name. Then you would calculate the relief of finance costs using the methodology I outlined above, quoted below for ease. Not sighted on the other figures in your case.
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