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Set up letting agency


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Hi there, 

I am thinking to set up limited company to managing my own portfolio, to avoid more taxes, so can I actually do it? so can I pay myself for managing and then deduct it what I pay my agency from my portfolio income? is it right? do I need to hire anyone or I can manage myself or even hire my wife? so I can pay myself for working from home? hope you know what I mean :)  I do not want  to buy my properties through the limited company just managing, I am basic tax payer right now and my wife and I will buy our properties as joint ownership. 

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  • 2 weeks later...

I would recommend taking some more formal advice from a properly qualified tax accountant who is FCA registered as getting tax advice wrong can have costly results. 

Rule of thumb though is that- if you have thought of a cunning plan to reduce tax liability then the tax man will have got there first and shut the door! Otherwise something like this will be a common practice. If you are thinking of setting yourself up as an agent you would have to do it properly and will now need to register to comply with a raft of recent legislation 

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On 2/3/2019 at 3:47 PM, tim wragby said:

I would recommend taking some more formal advice from a properly qualified tax accountant who is FCA registered as getting tax advice wrong can have costly results. 

Rule of thumb though is that- if you have thought of a cunning plan to reduce tax liability then the tax man will have got there first and shut the door! Otherwise something like this will be a common practice. If you are thinking of setting yourself up as an agent you would have to do it properly and will now need to register to comply with a raft of recent legislation 

Dear Tim

I believe you meant ICAEW registered, members of whom are entitled to use ACA after their name and FCA if they have been ACA for 10 years. ICAEW regulates Accountants and its members can call themselves Chartered Accountants (England & Wales). 

ACCA is another accountancy body which regulates accountants, members of which are entitled to use Chartered Certified Accountants after their name.

And then there are few others.....

 

 

 

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