chazza 0 Posted September 3, 2020 Share Posted September 3, 2020 Hi. I have no BTLs currently, but plan to be making offers soon. I want to run this via a Ltd company from the start. At what point should I set this limited company up? Should I ensure it is in place when I offer on a poperty? Assuming the offer is accepted, a deposit wil be due - that should come from Ltd company, right? I intend to engage an accountant to make sure it is all set up correctly, but just need to know at what stage. (Also, would I be able to bill that accountant to the Ltd they advise me on setting up??) Link to post
DerekT 216 Posted September 3, 2020 Share Posted September 3, 2020 Hi Chazza Probably best to speak to an accountant before you do all the above. That way, they can identify whether purchasing via a Ltd Co in the first place is right for your circumstances, goals and financial situation. They'll also be able to assist with arranging your finances to ensure you're the most tax-efficient and can help with setting up the limited company (although this is a fairly straightforward task). For the deposit, if you are purchasing via a Ltd Co, then yes, the funds will be from the Ltd Co as will any finance/mortgage you need. The cost of the accounting advice is usually expensed against who's seeking the advice, so could be the Co. Although if it's the first year's accounts, it's more than likely you'll be running at a loss (unless you're deriving loads of rental income from that property), so you could expense it against your personal income depending on your tax position. chazza 1 Personal Blog: https://abcdad.co.uk Property Spreadsheet and Deal Analyser: https://abcdad.co.uk/property-spreadsheet Looking to read some Property books? https://abcdad.co.uk/books/property-books Follow on Instagram: @abc.dad Link to post
chazza 0 Posted September 3, 2020 Author Share Posted September 3, 2020 Great reply Derek, thanks. Now I just need to find the right accountant... Link to post
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now