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david slater

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Everything posted by david slater

  1. If the loan purpose is wholly and exclusively for your property business then you can offset loan interest subject to the restrictions on interest relief that you refer to.
  2. You would lose the right to choose and HMRC would determine your PPR based on their criteria and fact.
  3. You have two years to make a PPR election to HMRC, which going by the dates you moved into the new property you are still within and sounds like you would be able to claim relief. This will obviously impact ability to claim PPR relief for the original property for the amount of time you had the new build as your elected PPR.
  4. Unlikely you would owe anything if lived in property as private residence for majority of time. You would include buying and selling capital costs too in the calculation which would reduce amount even further.
  5. It looks line you won’t be eligible for first time buyers relief for stamp duty. Your wife might be if bought property alone before married and met the conditions but as soon as married you are treated as one for SDLT purposes. Also This would be a higher rate stamp duty purchase as you already own property and are not replacing residence. Sounds like you are smashing it at Property investment, well done.
  6. No corporation tax payable until you sell the property.
  7. I normally go for 10 ordinary shares @ £1 nominal value which suits most companies.
  8. Mortgage statement from lender to show interest and other finance costs such as telegraphic transfer and arrangement fees (often added to loan). Completion statement from solicitor to show stamp duty, legal fees and other costs associated with purchase. Your broker should send you an invoice for their fees.
  9. I don’t think many people will have the time, inclination or knowledge how to find you through companies house but using a registered office service provided by an accountant or other provider will help you keep anonymity if that is important to you.
  10. It is more common than you might think, wannabe developers who don’t know about the requirement for planning permission. You can apply for something called a lawful development certificate. There are rules on how long properties have been used as current set up before the council has to grant a certificate. 10 and 4 years Ring a bell but you would need to research this and seek advice. https://www.planningportal.co.uk/permission/responsibilities/planning-permission/lawful-development-certificates/
  11. I think your friend is getting confused with additional rate stamp duty which would only impact if you were buying another property and not replacing your home. No CGT to pay unless you are selling a Property. Don’t worry.
  12. You mean you both owned houses separately prior to marriage? Or did you buy them jointly?
  13. Hi there, happy to have discussion if you would like some help to see about working together. David@accufy.uk
  14. I lot of my clients use Starling. One of my business accounts is with them and seems pretty good. Try to avoid an account where you are going to have to pay charges each month, it gets quite tedious.
  15. Often there is a monthly fee although some accountants might charge an annual one. As soon as you set up a company the clock counts down for your first set of accounts. If you set up too early you could realistically have to file a set of accounts with no properties in the company yet. Even dormant companies have to file (simplified) accounts. Better to have a property lined up first.
  16. You would be best arranging a consultation as everyone circumstances are unique. Happy to discuss further if you would like. David@accufy.uk
  17. 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.
  18. 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.
  19. I wouldn’t overthink it so long as it has the details of the meeting and is signed by parties it will be fine.
  20. 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.
  21. Hi happy to have a chat to see about working together. david@accufy.uk
  22. 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.
  23. 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.
  24. 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.
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