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  1. 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
  2. Hi, can somebody please help me. It has not happened yet, but if we moved abroad (and I was to become a resident in another country) - how will I be taxed on my property income? The portfolio is split and we have some in personal name and some in the limited company. It is an option in the next few years that we relocate to Europe and I wanted to know how that would impact my tax position as I currently use the portfolio as my main source of income. Any advise would be much appreciated.
  3. Hi guys and gals, So just venturing into property investment looking to have our first house/flat before the summer all going well I am aware that the laws are different for every part of the UK and I'm curious are the taxation rules different aswell?? Also could any of you lovely people sign post me to relevant sources of information with regards to tax and in particular tax in Scotland. A quick Google and I am soon overwhelmed with all the information I really don't know where to start Thanks in advance
  4. While it seems common place to refinance properties owned in an SPV and use the proceeds to fund the deposit on further properties, what options are there to access that equity if one doesn't want to grow there property portfolio any further..? Since equity released by refinancing is not a profit, I imagine it is therefore impossible to extract the equity through dividends - one would instead have to sell a property and record a profit?? This seems like a significant drawback to me compared to owning property in my own name, considering that I don't intend to just forever buy more and mor
  5. WOW do I need this website and forum! Talk about venturing into the unknown.... scared and excited....... We (husband and I) are looking purchase a property for use as a furnished holiday let. I have started to read up on all it entails and have bought Iain Wallis Avoid Property Taxes and his Essential Tips book and have started to go through the helpful videos on this site. However I still have some questions which if anyone can point me in the right direction would be greatly appreciated in terms of how we secure the funds. Option 1: Remortage home (owned outright) and use the fu
  6. 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
  7. Hi all With the forthcoming plans for Making Tax Digtial I am starting to look at moving away from spreadsheets to a specialist accounting software designer for landlords. At present I have 5 HMO’s with a combined unit of 19 lettable rooms/units with 2 more properties in the pipeline to take it to 25 lettable rooms/units. Currently I am using spreadsheets which works. I have seen that there are softwares such as Landlord Vision, Landlord Studio UK but also traditional software such as Quickbooks and Xero. Does anyone use a specialist accounting software and what are your
  8. Hi all, Any nuggets of wisdom greatly appreciated! I'm due to file first accounts soon at Companies House on new Ltd Company set up for purchase of an off plan property that has experienced years of delay. I intend to use the deposit as a director loan. 10% was put down on exchange in Aug 2018, balance due on completion, estimated May 2021 Question is around how to record that as a loan: On purchase? On accounts now, dated to exchange? Also, as since company set up end 2018, there's been no other transactions, can I file dormant company accounts? Thanks in advance,
  9. We spoke to a tax advisor today as we are in the process of setting up a ltd company with our children as part shareholders. We can't find anything online about the advice we were given so I'm testing it out here if that's ok. Our children have received ~£150k from grandparents that is currently not doing anything in a bank account and we can show it having come from grandparents and not parents. Ideally the children would loan this money to the company to invest. My husband and I will also invest a director's loan and the company will invest in property and hopefully grow well (we alr
  10. Hi all, Looking for some advice! Completely lost and have a long term (almost terminal) case of analysis paralysis! Situation Mortgage on a flat valued at £215k. £66k left to pay on the mortgage. £30k in savings. We'd like to move up the ladder to a house, but keep the flat as a long term investment. Strategy Move the flat to a LTB, buy a house with our savings and the equity released from the flat. As individuals our mortgage in principle figure is £261k. The max we can release from the flat is £161k. We are trying to understand what is the most tax efficient
  11. Im 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.
  12. 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.
  13. 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
  14. 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
  15. 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
  16. 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
  17. 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
  18. 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
  19. 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
  20. 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
  21. 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
  22. 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
  23. 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
  24. 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
  25. 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
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