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Previously on "Plan B - buy to let- same or new LTD or personal"
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Discussed often on this forum.
I should start charging by the minute for this advice.
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I'd wait a bit.
Once Covid-19 has wiped out all the pensioners living alone in their 6 bedroomed houses there'll be a property glut and no one will want to rent any more.
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Accountant advice, certainly, but not from my IT contractor accountant.
Can anyone recommend a BTL accountant for consultation.
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Best person to speak to you is your accountant as the right advice is highly dependant on your personal situation.
That said we do have one guy on here trying to shut his company down with property through it and it's causing a headache so lumping the company with a long term investment with April 2020 isn't the best for flexibility.
BTL's and companies discussed alot so you should be able to find something useful in these.
btl site:contractoruk.com/forums - Google Search
Change the search terms a little to try find other threads.
Take a bit of care about where you are posting in the forums though.
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Plan B - buy to let- same or new LTD or personal
Prospects ahead are bleak. Might go umbrella or PAYE, in any case in higher tax band.
Been thinking to strike off the LTD - when take advantage of 7.5% divi and 12 CGT allowance for 2 people where will be no money in the LTD.
One idea is to go BTL, use the money to buy 2 or 3 flats on interest only mortgages.
I guess 2 options to go BTL:
using the company. Potential CGT in many years when/if decide to sell. And if sell money return to LTD.
doing it myself and wife: lost 7.5% on divi, my part of the rent will be taxed at 40%, only 20% deduction on interest payments, etc.
Also some more considerations. If I go PAYE, I wanted to close the company in case of retro grab. With BTL option I am exposed. Is there any easy way to open a new LTD "transfer" the money to it and close the old one?
Anyone did/doing this? Pitfalls/advantages?Last edited by abz2020; 6 March 2020, 12:20.Tags: None
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