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Been a member of PT for over 5 years now but been somewhat inactive over the last 4 years on the networking side due to other distractions, getting married for one and adjusting/ restructing portfolio due to S24 and other bits and bobs that life throws at you.
We are now looking to reinvest again and want to set up a limited company for flips and for renting. I know we need a separate sic code for both for each but wanted to know what address people have used for the limited company and why. We were thinking about using our residential address but wasn’t sure if this may present problems in the future. Any thoughts would be helpful please?
Also I understand lenders may be reluctant to lender to a company with no history. Has anyone ever experienced this and if so what/who did you go to, to get over the his hurdle ?
Thanks in advance of any support or help
Hmmmm, I've been using the same SIC code for both rentals and flips......?
interesting lamby, something to bear in mind, it may not be the rule but best practice??
thanks for your response
Dawn,Also, we had no issue getting mortgages. You are effectively giving a personal guarantee sp they assess your PERSONAL situation from my experience then award the finance. We have used Precise and Kent Reliance this far.
Hi Dawn,Welcome back and congratulations on your marriage! We have a couple of videos that answer your questions:Another of your questions answered here - Company registered office - which address? If you contact the PT Brokers team on 0333 363 6507, they will be able to advise and assist you with all your finance requirements. Hope that helps for starters?
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
thanks for sharing video and contact number, really helpful
PS - thanks for the congrats
Most clients use the accountants address for privacy and in case they move house.
Director of Tax Peplows Limited
CTA ACA FCCA
How does this work ?
At the minute we don't need any tax advice so I haven't formally engaged with a property/tax accountant.
And being an accountant I was going to set the company up myself, however it would probably take me a bit longer to complete as this aspect is not my day job and their is the address issue
I assume you get them to set up the company and their address is included in the deal?
Just reviewing all options before making a decision
The Registered Address can be different from the "trading Address".
If you're eventually going to be using an accountant to do the company's annual accounts then it can make sense to use their address as the company's Registered Address. That way all important documentation from HMRC and Companies House goes directly to them to deal with.
The Registered Address does not however need to be where any other routine correspondence gets sent, and from where the business is actually run. You can use your own address for these purposes, and it would probably be best for day to day stuff.
I believe you must show the Registered Address on stationery etc, as well as the normal trading address.
John has covered it