Do I need accountant for SPV?

[diseasex]

I'm planning to buy property on limited. Now I'm reading that in order to do so I will need SPV. Having limited already do i have to pay double accountancy fees to maintain that second company? Or SPV have different rules and it's just as easy as self assesment?
Thanks

[Darren at Fox-Bartfield]

Property

I'd recommend that you speak to your accountant about this, there's a number of different reasons for putting through a separate company (including VAT, investment co, CGT, mortgages, etc, etc) for going through a Ltd Co, LLP or doing personally but will very much depend on your circumstances, intentions and a number of other issues that will require a lot more information in order to advise fully.

Depending on how much you want to involve the accountant will determine the fees but I'm sure you could cut a deal with your current guys for them to win the business.

[DallasDad]

When I read the title I thought Spectrum Pursuit Vehicle.
Anyway good luck with your venture OP keep us posted I might one day be able to do the same.

[Andrew@Wisteria]

I'd recommend that you speak to your accountant about this, there's a number of different reasons for putting through a separate company (including VAT, investment co, CGT, mortgages, etc, etc) for going through a Ltd Co, LLP or doing personally but will very much depend on your circumstances, intentions and a number of other issues that will require a lot more information in order to advise fully.

Depending on how much you want to involve the accountant will determine the fees but I'm sure you could cut a deal with your current guys for them to win the business.

I'm with Darren on this. I would add that you may be better off with an accountant who deals with businesses as well as contractors. Some of the specialists can't/won't handle this.

[Maslins]

To answer the thread title, no, you don't need one...but then you don't need one for your contracting Ltd Co either.

A guy I know, Preetesh Parmar, runs accountancy firm Tidy Money. They're confident dealing both with contractors and a lot of the tax quirks around property. If you get the feeling your existing accountant isn't too confident (and you decide not to DIY), worth getting in touch with them.

[ChimpMaster]

I have an accountant for my IT contracting business and then a separate accountant for my property investments. I don't have a Ltd Co for the property side but even then it proves helpful to have an accountant.

Personally my view is that it's important to pay for the expertise specific to the industry, to not only benefit financially but also to keep on the right side of the law.

[diseasex]

Asked my accountant and they want £500pa. that isn't this bad so good to go

[dx4100]

So how is this working?

Is the SPV owned by your LTD ? or is it a totally separate entity ?

[diseasex]

So how is this working?

Is the SPV owned by your LTD ? or is it a totally separate entity ?

To my understanding SPV has its own liability but it is owned by your main LTD. Thanks to that if you are paying dividends you don't pay income tax straight away, but pay it to your LTD. Plus if your SPV goes bust, your main LTD isn't liable.

[dx4100]

To my understanding SPV has its own liability but it is owned by your main LTD. Thanks to that if you are paying dividends you don't pay income tax straight away, but pay it to your LTD. Plus if your SPV goes bust, your main LTD isn't liable.

You buying outright or via mortgage ?

And if so...

Did you have to be a guarantor for the mortgage still ?