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  • Tax

    Broker issues caution regarding incorporation

    “However, taxation is a complex issue and I would urge anyone considering this move, to seek advice from a tax specialist first, to ensure that their buy to let venture would actually be better off tax-wise, in a limited company.

    “The message should be clear to landlords thinking of taking the limited company option, to investigate fully first.”

    Full/source story

    I find the timing of this announcement interesting, especially in the light of yesterday's publication of the Government Think Tank paper that recommends further taxation of landlords to stop them hoovering up properties that could be purchased by first time buyers.

    At Property Tribes we have always recommended that landlords seek professional, independent, and impartial advice as to what is the correct structure for them and their individual situation. 

    Our tax partner, Rental Income Tax Advisors, are available to advise landlords and can be contacted on 0800 1 22 33 57.

    SEE ALSO  -       Warning of closure of ltd. co. loophole

    UP NEXT -           Tax reform could hit incorporated landlords

    DON'T MISS -      The BIG tax issue: Should I incorporate?

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    Ltd Company formation is not for every one

    S24 has made me take stock of my Bussiness

    But S24 is not the reason I started a Company but as a side issue it helps

    I use it for the following reasons at age 60

    1 Succession Planning

    2 Pension Planning

    3 a Salary for my wife

    4 it helps with S24

    5 Directors loans  steady stream of Tax free income to myself although the company pays 19%

    For older landlords I can see advantages

    for younger Landlords I see the possibility of a Tax shelter from S24 But its not as tax efficient as pre s24 days

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    Learn Change and Adapt ?????


    Nothing new from our perspective, as we've been saying for ages that incorporation is the worst and most expensive mistake landlords will ever make.

    An even bigger issue is mortgage brokers and lenders giving tax advice they are not qualified or indemnified to give, which in time will be called mis-selling.

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    Tony Gimple

    Founding Director

    Less Tax For Landlords


    Tony,

    Could you start a new thread on why, in your option, "incorporation is the worst and most expensive mistake landlords will ever make".

    I would be interested to hear your views on this. Smile

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    All done, but the site keeps asking me to verify that I'm not a robot.

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    Tony Gimple

    Founding Director

    Less Tax For Landlords