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ash_r posted a topic in Introduce yourselfIm an accountant who deals with a lot of individuals who are investing in BTL and those who have a property portfolio. Dealing with the tax compliance and advice. If anyone would like any advice please do not hesitate to contact me.
Incorporate or personal name
yaserjaved4_gmail_com posted a topic in Tax AdviceHi All As you can see below my question is quite specific and not related to section 24 but balancing paying the least tax vs future estate planning. x7 properties personal name - no mortgage. Net profits have reached the basic tax threshold of 50k so will not be buying any further properties on my personal name. Income Tax 20% x1 property via LTD company SPV and all future purchases to be done via LTD company. Corporation tax 19% My question is (we will assume i meet the conditions for incorporation relief) would you keep things as they are and continue to buy any future properties via my LTD company vs Incorporate my portfolio x7 (pay legal and solicitor costs), start to pay 7.5% dividend tax (in addition to 19% corporation tx) and better place myself for future IHT planning (Growth/Freezer shares, Family investment company etc) and continue to buy any future properties via my LTD company Thanks
SIC Codes - Property Investor
oaa posted a topic in General property discussionAs a property investor (I'm not a landlord): For example, I found a BMV property, then apply for planning permission to convert into an HMO property depending how many bedrooms and use the bridging finance to refurb it, then use the property to rent it out to potential tenants if that makes sense. This is a buy to let. Someone mentioned that property management/ Rent2Rent is a trading business. Which of these codes are applicable? It is really confusing. SIC codes SIC code 68100 is for the buying and selling of own real estate; so, if you’re going to be flipping and trading, this would be the code for you. SIC code 68209 is for the letting and operating of own or leased real estate. In other words, for buying and holding property and renting it out. SIC code 68320 is for the management of real estate on a fee or contract basis. So, for example if you’re going to set up your own management company, then this would be the right classification for you. (As an aside, if you’re going to manage properties for other people or third parties, you should definitely do this in a separate company, and for tax efficiency purposes, you may also consider managing your own properties for yourself but through a separate company). SIC code 68310 is for real estate agencies. In other words, if you’re going to do deal packaging, i.e. if you’re going to source properties for other people.
With COVID-19 cases increasing day by day our fear of earning income also increases. In such kind of confused state, everybody is bound to pay their residential property taxes. I hope this article would help you out in reduction of residential property tax: https://www.biggerpockets.com/member-blogs/12978/89996-top-3-ways-to-reduce-your-residential-property-taxes?created=1
What is your opinion about cost segregation?
ryanlin3 posted a topic in General property discussionHi, I very frequently come across this word "cost segregation", many say it is a way to reduce taxes. Can someone give me a clear picture on it.
Property tax expert
Ten Twelve posted a topic in Introduce yourselfHi posting for the first time Happy New Year, keen to find a property a tax expert any recommendations would be welcome ?
Do I need a tax advisor for just 1 property??
goslingl12 posted a topic in Tax AdviceHi guys, I'm about to buy a 1 bed flat and I'd like to get your thoughts on whether its cost effective to pay a few hundred pounds for a tax advisor fees per year, for just a 1 bed flat? Does anyone do their tax return themselves and if so are there any apps/software that make the recording and submission easier? Thanks in advance
Budget announcement – March 2016
Simon Misiewicz posted a topic in General property discussionBudget announcement – March 2016 What has changed? Corporation tax – Corporation tax will eventually drop to 17%, which is significantly lower than basic rate tax bracket of 20%. Tax bands: – Personal Allowance will increase to £11,500, and the higher rate threshold will rise to £45,000 in April 2017 Read about more of the changers in this article - http://www.optimiseaccountants.co.uk/budget-announcement-march-2016v2-2/#.VwN_URMrJE4