Jump to content

Lee.

Established Member
  • Content Count

    27
  • Joined

  • Last visited

About Lee.

  • Rank
    Established member

Recent Profile Visitors

The recent visitors block is disabled and is not being shown to other users.

  1. Hi Marc, Just something to note in your calculations, you wouldn't be taxed on 6.8K as you have deducted your interest from your rental income. Part of the section 24 changes mean that in 20/21 you wont be able to take any interest from your rental income and in 19/20 if my calculations are right you would only be able to take off £447 from the rental income and would be taxed on the rest. Therefore in 20/21 minus your service charge costs your tax bill would be £3456 leaving you with £3,396 in the bank. As haf1963 said though there are so many other things to consider before m
  2. Hi Dean, Would you mind sharing those details with me also. I actually have an accountant at the moment but they certainly aren't property specialists and I'm looking to find one that understands the property game. Many thanks Lee
  3. Hi Ian, Thanks for your advice it's much appreciated and the link to the interactive house is really useful, I'd never seen that before. Kind regards, Lee
  4. Lee.

    TAX ADVICE

    Hello fellow hubbers, I was wondering if there was any tax experts out there or anyone that has experience of holding properties in a limited company for both flipping and BTL that could help me. I've read many times in the forum that it is best to have 2 separate companies, 1 for flips and the other for BTL, however I can't find any examples of why this is the case. After discussing with my accountant he says that it is fine to have rental properties and flips in the same company but I'm sure this isn't correct. Does anyone have any examples as to the benefits of havin
  5. Hi Ian, Firstly I'd like to thank you in advance for offering your time on here, it's very kind of you. I have recently started to refurb a property that was once a shop, the change of use has all be done by the previous owner and the property has full residential status, however no work was carried out by the previous owner to the property itself. Now I have taken ownership I would like to change what was once the shop front to a traditional bay window and would also like to block a door to the side of the property which was once the entrance to the shop. Can I ask is
  6. Lee.

    Sitting Tenant

    Hi Darren and Tim, Thanks so much to both of you for giving up your time to reply. I haven't actually bought the property yet Darren so haven't got the tenancy agreement but would obviously request to see this before I go ahead with the purchase and run it past my solicitor. Prior to this though I thought I'd do some of my own research on sitting tenants and really couldn't get any hard facts online so turned to the forum for some info. By the way I'm an avid follower of all your threads and enjoy your updates - looking forward to more videos too. Funnily enough I was actually goin
  7. Hi all, I was wondering if anyone has any experience of buying a property that once had a sitting tenant. The property is now empty and that is the reason for the sale, because the sitting tenant has now left and the owner wants to get rid. I believe the tenant was a pensioner that has now moved into a bungalow. I was wondering if he still had rights though, for example could he come back to the property if he chose to, or if he passed away can his rights move onto a family member and they take possession? Any advice would be much appreciated. Thanks Lee
  8. Hi there, I’m after some advice regarding what you are allowed to take off as an expense when selling a property in regards to the capital gains tax owed. Obviously most landlords want costs to count as a revenue expense, however I'm in the process of flipping a property so it would be advantageous for me to have things count as a capital expense. The property in question had a working bathroom and kitchen however we’ve completely ripped them out and modernised, added a separate shower to the bathroom suite, complete new kitchen, new carpets, new doors etc etc. Basically a comp
  9. Hi Simon, That's all very clear, makes a lot more sense now, thanks so much. Kind regards Lee
  10. Hi James, Thank you very much for taking the time to reply to my question, your answer does indeed help. Could I please ask if you know what lender the second option was with? Where you make the payments on a monthly basis rather than as one big lump sum at the end. Thanks again for your time. Kind regards Lee
  11. Hi, I was wondering if there was anyone out there who has had experience of using bridging finance in the past? Basically I've asked my broker to get me a 12 month bridge on a property worth £100,000. She said that the LTV would be 70%, which is fine as I have the £30,000 deposit. However when the loan in principle came through they had added on all the costs and interest as part of the loan, these worked out to around £10,000 for 12 months and therefore reduced the LTV to 60%. So: Gross Loan - £70,000 Interest and costs - £10,000 Net Loan - £60,000 This means they will giv
  12. Hi, Just thought I would share an equation for anyone that uses numbers, the free Apple equivalent of Excel. Took me a while to find one that worked. = IF(A1>925000, 64000+(A1−925000)×13%, IF(A1>250000, 10000+(A1−250000)×8%, IF(A1>125000, 3750+(A1−125000)×5%, IF(A1>0, (A1)×3%))))
×
×
  • Create New...