PaulM

Registered with Property118.com
Saturday 11th October 2014


Latest Comments

Total Number of Property118 Comments: 64

PaulM

12:05 PM, 12th August 2021, About 4 months ago

Building Regs Acoustic compliance help please?

They test two habitable rooms per flat but won't tell you which ones they test, so correct about excluding the bathrooms, hallways and kitchens (assuming the kitchen and living room aren't open plan).

Sound transference is your enemy, so the resilient bars is correct as long as there's no physical connection between the existing floors/joists/walls. If so, you will have to "float" them or put sound deadening underneath the walls. We originally thought the sound was travelling through the neighbouring walls and ceilings and back in through the walls upstairs because we already had the resilient bars and acoustic plasterboard installed. However, the builder had used 40mm screws to fix them which had just touched the joists.

You will need some invasive inspection/surveys carried out as your starting point before you do or commit to anything else.... Read More

PaulM

11:32 AM, 12th August 2021, About 4 months ago

Building Regs Acoustic compliance help please?

Hi Sharron,
I feel your pain and I hope you have the patience and budget to handle this.

I own a mixed building of similar age to yours which had a single flat above. I applied for planning to add an extension to the second floor and create 2 self contained flats. Building Control inspected throughout, but on completion, we had the acoustic tests done and it failed! By Completion, I mean fully decorated, new kitchens, bathrooms, carpeted, blinds etc.

You may get away arguing about dates for when it was converted, but the facts remain. You will not get a certificate of compliance without doing the works. You equally won't be able to sell it without taking a serious financial hit. You've already alerted the council, so I'm afraid you've pretty much had it.

I could write a book on this and believe me, tried everything I could to avoid the inevitable of stripping it, but in the end had to. If you want to PM me, I'm happy to talk and give you some hints and war stories that might help.

Regards Paul.... Read More

PaulM

22:30 PM, 3rd March 2019, About 3 years ago

Reduced rate VAT for landlords

I would agree that if it's as you described, then it should have been as it adheres to the 708 notice:
https://www.gov.uk/guidance/vat-on-energy-saving-materials-and-heating-equipment-notice-7086

However, I don't think it's necessarily a question for your accountant, but more so for your contractor. If they supplied both the labour and materials, then it should have been at the reduced rate.
But if you've already paid, then you're probably too late as I doubt the contractor will take on the additional paperwork to issue a new invoice, amend his vat records, refund you the 15%, and wait to recover the vat from his next return.

Unfortunately, you can't claim it back yourself.... Read More

PaulM

20:26 PM, 7th February 2019, About 3 years ago

Question on tax when extracting money from a company

In response to the opening Post and JJ,
JJ's advice is spot on regards the Pensions, IHT planning, & CGT.

There are other Investment options such as VCT's, but for Corporations (Ltd Companies), the charges offset any benefit.

If you can take your income elsewhere, the most tax efficient advice I could give would be to invest it back into the business.

If you have excess cash and don't want to invest it in your own properties, you could always look at Corporate Rates of interest offered (circa 1%) or possibly bonds (basically longer term savings plans).
The other choice depending on your appetite to risk, would be secured or even unsecured loans to other businesses. The highest rates I've seen charged for unsecured loans was in excess of 55%.

If you have adult aged children, you could always employ them and pay them up to the tax thresholds. There are also low amounts of cash that could be paid to low skilled workers but I think it's circa £130ish per week.

Hope this helps....P... Read More

PaulM

20:13 PM, 7th February 2019, About 3 years ago

Question on tax when extracting money from a company

Reply to the comment left by Richard Jackson at 06/02/2019 - 09:49
Richard,
Corporation Tax is paid on the whole company profit, so in your example you will be paying 19% on the £100k and not 19% on the £15k (sorry).
Basic Rate Tax is increasing to £12,500 from Apr 19 so a slight benefit there.

Currently, (up to Apr) the Tax Calculations would be as follows:
£100k profit less £23,700 (2 x 11,850) = £76,300.00 profit.
£76.3k profit x 19% Corp Tax = £14,497.00 (payable 9 months post year end).
You'll then be left with £61,803 to distribute from the company.

Personally, you can then take £2k each free of tax with the remainder taxable at the 7.5% dividend rate assuming you take it all as dividends.
To ensure the dividends are "legal", you must make sufficient profits to vote them or they could be challenged by HMRC. If challenged, they could be classed as income with all the personal taxes associated with it.... Read More