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A A AHi Folks
I own a few buy to let properties and thinking of forming a company. Has anyone done that before?
What things to I need to consider before deciding to form a company?
Would I need financial/legal advice in order to make my decision?
Could someone recommend any online finance/legal advice?
Thanks in advance for your responses.
I have several companies holding property and have never seen the need for any professional advice. Forming and running a small company is easy and about the only penalty is the need to provide annual accounts in a timely manner.
If you wish to discuss please contact me through Landlord Referencing.
Hi David
Many thanks for your reply. Can you give me more details of how to set up a company?
Thanks
Please contact me through Landlord Referencing (0800 9994 994), its far too much to put in a blog.
geek84 said
Hi FolksI own a few buy to let properties and thinking of forming a company. Has anyone done that before?
What things to I need to consider before deciding to form a company?
Would I need financial/legal advice in order to make my decision?
Could someone recommend any online finance/legal advice?
Thanks in advance for your responses.
For financial and mortgage advice, my Team of specialist Brokers can assist. Not all lenders lend to Ltd Companies but we know the banks that do.
Hope that helps.
_________________________________________________________
https://www.hdconsultants.net/regulatory-statement/
01206 577 266
Hi geek84
I cringed when I read your post - then the reply from David!
Sorry to disagree David, but it is absolutely essential to seek specialist advice when considering changing the structure of how you hold your portfolio, eg from sole trader to Ltd Co.
This is exactly what I've been doing for the past 2 months. It's a MAJOR decision and one which could cost dearly if it's not set up properly. Incorporation certainly isn't the answer for everyone. Each case is different. There are SOOOOOO many questions to consider:
What would be the set up costs for both options? SDLT, CGT?
How much more are the accountancy costs?
What are your long term goals - pension funding, BTL purchases, taking money out, inheritance planning?
What's your exit strategy?
Would you actually be better off remaining as a Sole Trader?
What if government changes the goal posts, can you revert back, at what cost?
Please, please, please seek advice from a professional tax specialist. There are plenty who offer a free initial consultation.
Pete100 said
Hi geek84I cringed when I read your post - then the reply from David!
Sorry to disagree David, but it is absolutely essential to seek specialist advice when considering changing the structure of how you hold your portfolio, eg from sole trader to Ltd Co.
This is exactly what I've been doing for the past 2 months. It's a MAJOR decision and one which could cost dearly if it's not set up properly. Incorporation certainly isn't the answer for everyone. Each case is different. There are SOOOOOO many questions to consider:
What would be the set up costs for both options? SDLT, CGT?
How much more are the accountancy costs?
What are your long term goals - pension funding, BTL purchases, taking money out, inheritance planning?
What's your exit strategy?
Would you actually be better off remaining as a Sole Trader?
What if government changes the goal posts, can you revert back, at what cost?
Please, please, please seek advice from a professional tax specialist. There are plenty who offer a free initial consultation.
My comments related only to forming and running a limited company, something I have been doing for the last 40 years. Incorporation of an existing portfolio into a new or existing company is an entirely different matter and I agree professional advice should be sought.
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