ray selley

Registered with Property118.com
Tuesday 1st July 2014


Latest Comments

Total Number of Property118 Comments: 82

ray selley

12 months ago
Tax advantages/disadvantages in selling a property company vs selling the properties individually

Entrapreneurs relief is specifically excluded on the disposal of shares in a BTL company... Read More

ray selley

A year ago
Litigation Looms For Greedy Letting Agents

It's certainly opened my eyes Ros. I use various ARLA letting agents and I'm shocked at the fees being charged. The worst fees are charged by two of the largest letting agents in the uk.For example" ref fee, set up fee, contribution to tenancy agreement for two adults £558" plus another £330 from me for my contribution from the first months rent. One agent actually charges the tenant £12 to refund any rent over payment and £75 for a pet licence. I have looked at the accounts of both agents and their profits would probably be wiped out without the fees so time for them to draw up new business plans and for me to find new agents... Read More

ray selley

A year ago
Summer Budget 2015 - Landlords Reactions

Maybe the words LEVEL PLAYING FIELD are the clue... Read More

ray selley

A year ago
Summer Budget 2015 - Landlords Reactions

Should The look Through Entity become reality and Screwed Trading limited sell some of the companies portfolio then instead of the current 20% corporation tax on any uplift in value they could possibly end up paying 45% income tax [no £11000 CGT allowance of course its a ltd company] even if left in the company... Read More

ray selley

A year ago
Summer Budget 2015 - Landlords Reactions

My accountants have advised me of another possible threat to incorporation

Possible New look Through Entity

In the march budget it was announced that the Government are considering the introduction of a completely new system of small company taxation and have asked the Office of Tax Simplification[OTS]
to consider this possible new system in more detail

It is proposed that the new system if introduced would apply to micro-entities with 9 or fewer employees and would tax shareholders directly on their company profits in proportion to their shareholdings as if the company was a partnership or LLP.For example if Mr and Mrs Screwed each owned 50% of the share capital of Screwed trading ltd and the company made £120,000 profit there would be no corporation tax to pay but they would both be taxed on their £60000 whether or not that amount was distributed to them
It is felt this would level the playing field between the taxation of a small ltd company and an unincorporated business.The Government and OTS are also considering the introduction of protected asset status for unincorporated businesses to align the owners liability with that of limited company shareholders.
Both proposals may have significant tax and commercial implications and we await further developments... Read More