Will Taylor

Registered with Property118.com
Sunday 26th November 2017

Latest Comments

Total Number of Property118 Comments: 18

Will Taylor

14:42 PM, 6th May 2020, About 2 years ago

Covid-19 Bounce Back loans for property businesses

Reply to the comment left by Phil Ashford at 06/05/2020 - 14:22
Thanks for the education there Phil.

I understand why you are tempted to use tax case-law to define "trading". It makes sense. It's been well defined.

That being said, I am cautious with using tax law here. Just because trading has a certain definition for taxation purposes, that does not mean that the same definition applies in every other situation.

Allow me an example. An agency worker is the employee of an Employment Agency for payroll and taxation purposes. But if the agency worker is injured at work, on the Client's premises, then the agency worker is considered an "employee" of the Client in any prosecution or compensation claim. And that matters. Because it's the client who ends up paying the compensation and getting prosecuted. Because the Client is the Employer under health and safety case-law. Not the Agency, who is the employer under tax law.

My point is, for what it's worth, that the definitions from tax case-law may not automatically apply for financial loan applications. But, I do agree it seems reasonable to ask the question in the absence of a clear definition elsewhere.

I also think the concept of "men's rea" applies here. Buy to let limited companies who have genuinely been affected (like mine) will be applying for these loans with honest intent. They do not intend to defraud the government. They have read the eligibility criteria, written in fairly plain English, and believe they can apply. Certainly, there is no expectation that SMEs get legal advice on these loan applications. And I think there is certainly enough doubt to make it difficult to secure a conviction for "fraud" in our case.

Time will tell!... Read More

Will Taylor

14:07 PM, 6th May 2020, About 2 years ago

Covid-19 Bounce Back loans for property businesses

Perhaps I am being completely naive here! And splitting hairs. But I am under the impression that, in my personal situation at least, my little BTL business is eligible.
We operate in a Ltd company structure. It's an SPV for property. We're quite small and have a turnover just shy of £50k a year. We have a business bank account. The two big questions in the previous forum posts are:
1. Are we trading/commercial or are we investment?
2. Do we get 50% of our turnover from trading?
I am aware of the case-law saying buy-to-let is an investment.
Firstly, I do wonder if that case-law is relevant here? HMRC cases are about taxation. But this is a loan application.
Secondly, I just checked my last company accounts. It states my "Sales" in the turnover section. My "Sales" account for 100% of my turnover. We don't make any "Investment" income. It says Sales.
The average lay-person will not be aware of the HMRC case-law on whether we are trading or investment. But they will see the "Sales" figure on their annual accounts and come to the honest and genuinely held conclusion that their BTL limited company is indeed a trading/commercial activity, at least for the purposes of this application.
Since 100% of my turnover comes from my "Sales" (i.e. rent), I believe at face value that we qualify.
It may well be a different matter for those who operate as sole traders.
Disclaimer: I probably have no idea what I am talking about! :)... Read More

Will Taylor

11:37 AM, 25th January 2019, About 3 years ago

Statement from Tim Frome on behalf of Property Redress Scheme

Thanks for working hard on getting clarification!... Read More

Will Taylor

12:44 PM, 24th January 2019, About 3 years ago

Private landlords will be legally required to become members of a redress scheme

Question: how much will landlords have to pay to join this redress scheme?... Read More

Will Taylor

9:34 AM, 30th November 2018, About 3 years ago

How is this in any way appropriate?

Here's another example of this type of branding.


It's an expensive real ale bar in Hull, in the student area, preying on the middle class left-wing students. Its email address is... wait for it... DDR.thepeoplesrepublic@gmail.com

DDR as in East Germany!

I do find it amusing. But it is quite deceitful.... Read More