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  • Tax

    Tax advisor

    Hi

    I'm looking to develop my first HMO over the next few months. I have been living outside of the UK for the past 17 years.

    Could anyone please recommend a good tax advisor, who could advise me on how to set things up properly.

    Please could you also advise on what a normal and reasonable fee/remuneration would be for tax advice.

    Thanks

    HMO Newbie

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    With respect I think that getting tax advice is the least of your problems, It is the huge raft of rules and regulations of one kind and another that have to be negotiated that you should be looking at!!!

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    I have to say HMO is a huge undertaking for a new Landlord so be careful


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    Learn Change and Adapt ?????


    dissy, you are so right, for anyone new to the PRS in current legislative times, its a minefield - and HMO' are even more so and 'hands-on'

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    I have always thought a HMO is a Mini Hotel and needs to be run as such


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    Learn Change and Adapt ?????


    The guy just asked for a good tax advisor. Support would be nice 

    He might well have all other bases covered

    Sorry famiii I dont know of a good one for HMO`s but hopefully someone will  answer your question in time

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    Jonathan Clarke. http://www.buytoletmk.com


    Hi Jonathan sorry to bother you , I put a post up earlier about buy to let lenders in Scotland for a spv or trading company just wondering if you have any knowledge on this


    many thanks

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    Hi Jmag

    Sorry not really my area but there are several on here who will have the relevant  knowledge

    So maybe try bumping up the original thread and hopefully you will get some takers

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    Jonathan Clarke. http://www.buytoletmk.com

    Thanks for all the comments.

    HMOs are certainly high management, high regulation and I'm going up a steep learning curve.

    Fortunately, there is a lot of material available and I am slowly building a strong team.

    Tax is probably not the first base that needs covering, however my experience is that you will do better if you cover all your bases and that proper tax planning can save a significant amount.

    Cheers


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    Along with the myriad of problems  that come with HMO be very aware of the risk of ICTB.

    Councils don't like you or your HMO.

    They would prefer you didn't exist and will make your life as awkward as they can.

    ICTB is a card up their sleeve that could put your HMO business model under extreme stress.

    It could also materially affect the HMO value.

    Before you venture down the full HMO route why not first invest in a property that will not require mandatory  licensing?

    This will usually mean 4 or less occupants  unless you are in a stupid London borough like Southwark  whose left wing council see a HMO needing licensing as anymore than 2 occupiers.

    Be aware that all LABOUR councils  ideologically hate LL  and would sooner you didn't exist. They want the properties to remain as family homes.

    ICTB is a major threat to future viability.

    You have to take a business risk in going the full HMO route.

    If you have a normal 4 bed property and just have four single house occupants all on one AST it will give you some idea of the issues with multiple tenants.

    At least with 4 occupants you won't be subject to the new soon to be mandatory licensing  of any property with more than 4 occupiers from 2 or more households.

    If the experience  isn't for you then it would be no problem  letting as a single let to a family.





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