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  1. Hi, Can anyone please advise if fees paid for a snagging report on a new build property would be considered a capital expense or a revenue expense by HMRC? Many thanks in advance.
  2. Would someone be so kind and look at my problem and give me some tips or advice? I wrote it down chronologically to make it easier to get an idea of the case. Fact one. We are residents (in 2012/13 we moved to the UK) – we do not have any property here yet. Fact two. In 2008 we acquired the property in Poland – we have a marital property community (STATUTORY MARITAL PROPERTY PARTNERSHIP). What we acquired is a plot - BUILT-UP PROPERTY 1500m2. On which there were two properties. detached residential house (single-family) with a usable area of 33,46m2 con
  3. So I currently own my own home where I have been living for 4.5 years which I was lucky enough to buy myself (saved by living with parents). My long term partner (not married) has just agreed to buy a new home for us to move into which will be an upgrade for us both and this will be in her name (until married). I now have the fortunate option of what to do with my property (Paid 178k now worth approx 210k - 2 bedroom on South coast). My first thoughts is to rent out my property but given my circumstances obviously the property is not within a limited company and I am just on the edge
  4. Hello all. I want to understand the best way to setup a limited company/companies structure with my wife that will provide flexibility for structuring income in the future and legacy planning as well. In terms of IHT, I've heard about assigning freezer shares to children or a trust, but as these are very long term plans (don't currently have children) i want to have the flexibility to do this in the future but maybe not right away. I plan on buying and holding resi and commercial properties (potentially mixed use). However, i may down the line look at serviced accommodation whic
  5. Hi everyone, Hoping we can get some advice from experienced property investors.... Background: My wife and I own 3 investment properties, which we bought 5 years ago - owning them personally. We are looking to add to our portfolio, but with the changes to Finance Cost relief (both higher rate tax payers), we are really starting to feel the pinch of the restrictions. Dilemma: Whether to buy our next investment personally or via a limited company. From what we can tell, the key differences are Tax rates & Mortgage rates. I'm clear on the tax rate difference (Personal = 40% on
  6. Hi My wife and I are in the process of starting our portfolio with 2 BTL properties. I pay income tax at the basic rate and my has no income at the moment. Would it be better to own the properties in a limited company at this stage or keep them in our own names until we add more properties? Thanks WS
  7. So looks like the ball has started rolling on the expected tax grab needed to pay for this pandemic mess. Sunak has clearly voiced property transactions as an area that escapes CGT when compared against income tax brackets. He has clearly called our second home owners. Now in my view this is going to massively effect the plans of those that are coming towards their investment journey / looking to sell up. For those who are planning on being in the market for the next 20years and potentially beyond - is it fair to say that you shouldn’t base your long term investment decisions based o
  8. Hello All. I am a part time landlord with 2 HMO's as well as my home. I am interested in buying a commercial property which will come up for auction soon. It is a doctors surgery on a lease where the tenants maintains the property etc. The yield seems attractive (around 5%) and the land has potential for development in the future. Ideally I wish to convert mine and my wife's pensions into SIPP's, together with cash to purchase it. However since it is being sold at auction, preparing the SIPP will take too long and I would have to purchase it another way first. I am budgeting around 9
  9. Hi All, I wonder if anyone can advise on the rules when it comes to renovating a property after purchase and offsetting some of those expenses against tax. It was always my impression after reading a few books and articles on the subject over the years that we would not be allowed to claim for ANY expenses incurred whilst renovating or preparing a property before it was let for the first time. This last year however, after being bombarded with emails from HMRC, I decided to brush up one what's allowed using the Inland Revenue resources and that seemed to suggest that any expen
  10. Does anyone have a spreadsheet to share that will help me calculate tax to be paid at the end of the current financial year? Ideally this will allow me to input salary, BTL income, expenses etc. I am keen to work out as the end of the financial year approaches, any additional pension, charity contributions I can make to reduce payable tax. Thanks
  11. Hi, Some advice would be greatly appreciated. My family & I are discussing estate planning between my Sibling & I. We have a fair piece of property that could be split up into two independent premises There is a HOUSE & a commercial premise. There is potential to modernize & we potentially have some capacity to put that modernization in Train. THE question, is there a real need to complicate things too much? Under the parameters of inheritance, the limit for two children (would suggest that we would be relatively safe from CGT on sale From what I understand the HOUS
  12. Anyone got any experience of setting up a declaration of trust, or currently have this set up..with an understanding of how this effects your borrowing abilities? want to set up declaration of trust in favour of my wife 99vs1%. Can we still have joint mortgage or not? Thanks
  13. Hi all, I have an arrangement with a family member whereby the property was purchased by my sister and essentially "verbally gifted" to me to help me onto the property ladder. We are currently in talks of several scenarios in order to extract the equity/cash from the property in order to help me to build my portfolio. One potential case would be to sell the property and cash in on the current value; apart from the initial capital gains tax, are there any other law/tax penalties we should aware about if she was to transfer a lump sum to me following the sale of the property to
  14. Hi fellow Hubbers! We have just got started on our property investment adventure. We are nearing exchange on our first 2 properties which we are buying as individuals, as I currently have about 25k before I hit the higher tax bracket. My husbands income sits just below the higher level. We are purchasing both properties as tenants in common with a 99/1% split. Our solicitor (online conveyancer) has quoted an extra fee of £400 + VAT to prepare our deed of trust for each property to ensure that any benefit from the properties is split equally between us. However having
  15. Hi, I currently have a ltd company and am considering opening a company to invest in property with a medium term goal of adding properties with the cash generated rather than for immediate additional income. The long term goal being to use the income generated from multiple properties to replace the day job. To fund the initial purchase I am considering lending the new company money from the existing company at the prevailing market rate. Would mortgage companies be ok with this and where is the best place to compare LTD CO BTL Mortgages?
  16. My long term girlfriend and I have been looking for a route onto the housing ladder. My girlfriend’s Dad owns a commercial premises on which he runs a profitable laundrette from. He also owns the freehold to the first floor which has separate access and is currently being run as a 3 bedroom HMO. Long story short, the property is well suited for a loft conversion / extension, next door have already done this a few years ago. My girlfriend’s Dad has agreed to “gift” us ownership of the proposed 2nd self contained flat should we fund the works. The works would comprise a small ground
  17. Hi, A bit of a complicated question but need some rough guidance. I'm looking at a 3 storey property that's for sale in a unfinished condition. It was a small 4 bedroom split into 2 flats that were being rented out. The current owner has let it fall into disrepair and had it structurally condemned in order to force the council to grant planning permission for a larger rebuild which would create 6 bedrooms split into a lower 4 bed and upper 2 but is clearly designed to be further split into 3 once built. They are now looking to sell for £500k with that planning permission in place. I woul
  18. Hi guys, Just want to check my understanding as I move towards a transaction. I currently own 2 BTLs but live in rented accommodation as my main residence. We're looking at buying a new place which will be our primary residence. Am I correct that under the new stamp duty rules that I won't have to pay stamp duty under 500k? My understanding is that the 3% won't apply as this will be my primary residence. One other thing that might complicate is that the property includes an annex and a 1 bed cottage that we'll be using for holiday lets. || Thank you!
  19. Hello Everyone, I am working out my tax return calculations and wanted some clarification on the mortgage interest relief. I have worked out that when including my non property income, rental income and mortgage interest and deducting the other costs I have, I am still in the basic tax rate bracket as the sum total is under 50,000. With that in mind does that meant I am still able to claim back all of the mortgage interest as I have not been pushed into the higher tax bracket? Thanks
  20. Hello, I am a new investor and understand you can take £3k out of your limited company into your personal name / year tax free as a dividend. I have three questions relating to this. 1. really I would like to continue building money within the company to invest in further buy to let properties. Therefore is it possible to take the £3k from rent/ year and immediately re invest the money as back into the company so that you could take a tax free lump sum in the future as this would in effect be your company returning the money you lent it? Ie. The same as you can remove your initi
  21. Hi All, I am new to Property Hub. I am about to purchase my first BTL property. I am a UK citizen however have been working outside the UK since 2014. I have read up quite a bit about Section 24 and other tax on landlords / BLT income etc. however have not been able to find anything that reflects my situation. I do not have any earnings in the UK or EU and therefore am not paying any income tax. I have also completed a P46 upon leaving the UK registering myself as no longer living in the UK. I want to know if I be liable for tax on my BTL earnings if they are in a personal name?
  22. Hi All, I have been quoted £77+VAT a month for a property accountant for the accounting of my SPV, which will hold 1 buy-to-let property (for two years). My first question, is this a good rate? My second question is, is this value for money as I will only have one property? Or would I be best served paying a property accountant once at the end of the financial year to complete the relevant company tax documents? Thanks in advance, Joe
  23. Hello, I am wondering if the sourcing fees (and additional mortgage lender fees, mortgage broker fees, solicitor cost etc...) spent during the acquisition of a property can be deducted from the CGT bill when the same property is being sold? I am aware of SDLT being deductible but not sure about the lender/broker/solicitor/property sourcing fees. Thank you in advance for the advise. Regards Antoine
  24. Hi All, I'm just starting out near Cambridge and am looking to build my team to help me along the way. I'm looking to do some conversions, so will be needing: 1. Planning consultants 2. An architect 3. An innovative mortgage broker 4. A tax advisor / accountant with good property knowledge. We've really struggled to find reliable people when doing our main house, so Any recommendations or notes of those probably best avoided would be very gratefully received! Thanks All, appreciated!
  25. Hi everyone, I am hoping for some feedback/guidance/advice on a strategy to pass a portfolio of mortgaged properties to my daughter in the future, who is currently two years old. The idea is to build up a portfolio of properties that my wife and I will use to fund our retirement (15-20 years away sadly), but of course would want these to be passed to my daughter with the minimum amount of tax payable. The plan is to set up a Ltd company and have multiple share classes, A class - management/voting, B class - asset ownership only, C class - rights to revenue/dividends. I've r
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