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The Public Liability insurance covers only the fees you paid the accountant who sets this up. It does not cover the avoided tax that HMRC will want you to pay if they decide you should pay it. Hence, you could find yourself with years worth of tax to pay in one go.
I looked at every avenue of S24 and how I could best get round the issue
I met a number of Accountants and all had a different view on this topic
The road I took was to sell my own property to my company and pay the costs and tax
I was lucky I did not pay CGT because the properties had not made huge gains since i purchased them
My other reason was because wanted to sleep at night
Yes you have insurance ect But this could be challenged at some point and it may be years down the road when the Accountant who arranged this strategy could well be dead or no longer trading
My own personal accountant passed away only Two months ago and he was 62 so it can happen
My Tax adviser is also a Landlord and a person I knew long before used him as my tax adviser
and he said to me I AM EFFECTED BY S24 IF IT WAS EASY TO AVOID I WOULD BE DOING IT MYSELF
i have always remembered his words and thats why I dont use any other strategy than the one i have used
I think this all comes down to what is safest and if you can sleep at night and if things do go wrong who is there to support you
no insurance covers worry and stress when you wake in the middle of the night with an HMRC investigation and if you do get it wrong what tax will you pay and what penalties
Learn Change and Adapt ?????
All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.
as far as im aware the insurance only covers negligence which has to be proved. being wrong with hindsight is far different from negligence.
and we all know Insurance co dont like paying out its in there DNA
I am covered for loss of rent due to a flood last September and I am still waiting to be paid
its very strightforward but the buggers still wont pay
God help anyone who makes a claim on this sort of thing
But how do you know the insurance is good if your not picking the company
and even if when you pick it yourself ? you again dont know how good they are until you claim
Insurance Co love loopholes after all
is that a special policy? its not wot Tony says below!