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Found 11 results

  1. I have to prepare year end accounts for my SPV. Could some one give me advice if I can treat council tax bill payments as revenue expenses
  2. Quick question if anyone out there happens to know the answer that would be great. If I create a limited company with the sole purpose to use it to trade in btl property (an SPV) I would be able to take £5K per year in dividends tax free from company profits - would I also be able to draw a directors salary from the company (PAYE) - or because it was a SPV would this prohibit me from doing so. Might seem a stupid question but can't find the answer anywhere. Thanks in advance Mike
  3. With two business partners we are setting up a LTD company with the aim of building a BTL portfolio. We are want to know if dividing the portfolio is a possible exit strategy. I assume this would mean the company would sell 1/3 of the properties to the leaving shareholder and the sale will be taxed on Capital Gains and Stamp Duty. Is there a practical strategy we can implement while structuring the LDT that would help us avoid taxation later? I was thinking of an ownership rota: As the portfolio grows, each partner gets ownership of 1 property while the other two get the first charge
  4. Hi, I am looking to refinance my property (in which I live) that I own in shared ownership. My shared ownership partner wants to withdraw his name from the deed with no monetary claims. However, I would not be able to refinance only in my name due to loan to salary affordability restrictions. If another friend will be willing to put his name on the mortgage with me what implications will that have when I sell the house in the future? Because he is not living here, will I have to pay capital gain tax on his share? What if he also doesn't have any monetary claims on the property revenu
  5. Help! I have a plot of land in Chelmsford with a 9 Bed HMO on it, I have planning in to split the HMO into two houses and to build a new house on the end - pre agreed at pre app, expected in 2 weeks. The property is currently owned in our SPV Limited Company. We want to split the title into 3 seperate titles to mortgage each property separately yet retain ownership of all three within our Ltd on a freehold basis. As we're not selling it's proving a little complicated - all the solicitors are telling me that although it is possible that Land Registry
  6. Is it possible to remortgage a residential property to finance partial payment for a BTL property in a company structure (to be set up) and would this be classed as a directors loan, repayable directly from rental income without any tax implications (ie rental profit withdrawn fully as earned to pay for loan)? For the remainder of the purchase price could a personally owned BTL property be remortgaged and the money transferred into the company via a directors loan, and similarly could the rental income profit be used to pay back the directors loan thus reducing personal debt burde
  7. Hi all, I only own one property. Recently I accepted a job that requires me to move. I'm now letting my property that I own to a family and rent a property in my new location to live as I don't want to sell my current property and buy in this new location. I'm a higher rate payer. Is there an exemption for section 24 for people like me? Thanks Aidan
  8. My mother-in-law wants to gift her residential property to my partner and I, but remain living in it. The house is worth about 180k with a mortgage of about 30k. Our plan was to apply for a BtL and release the equity, gifting some back to her to enjoy, but ensuring she pays rent. I believe there are some caveats on BtL to family which would need to be considered. Are there any tax implications in gifting? My thoughts after some research were: - no IHT if she lives for >7y - no capital gains for her because it is a residential property, though w
  9. Hi all, Firstly thank you for taking the time to read through my post, our background...... we (me and my wife) own (via bank mortgage) a small property which is currently let. We moved into my mother in laws property (owned by her via private mortgage) mother in law lives in a property tied with her job. Over the last few years iv renovated and tinkered. However with an expanding family we need more space. My my main question what's the best way to release money from our property and invest into the mother in laws without getting taxed to the hilt??
  10. I am in the process of setting up a limited company with my wife and are about to invest in our first property. Before we get too far down the road we would like to get some tax advice to ensure that we are proceeding in the best way and documenting in the right manner. We will also require assistance further down the line submitting returns. I've come across Rita4Rent and was wondering whether anybody has any experience using them? Alternatively, if anybody has any other suggestions of suitable advisors / accountants then I would welcome these. In the immediate future we will only have o
  11. Hi All, Does anyone know if HMRC acknowledge receipt of a submitted Form 17 declaring unequal interests in property? I submitted one around 2 months ago and want to start allocating the income as per the forms. However It takes ages to get through to HMRC and when I did they put me through to the wrong department and I am yet to hear back. The form is done online but you do have to send it in with evidence of your deed/declaration - which I have done. I'm not sure if anyone has any experiences of using form 17? Any help or guidance gratefully received and appreciated!
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