Simon Lever

Registered with Property118.com
Monday 15th June 2015

Trading Status
Joint

Insures properties through a broker recommended by Property118
No


Latest Comments

Total Number of Property118 Comments: 108

Simon Lever

16:22 PM, 1st December 2018
About 2 months ago

National Landlords Alliance on BBC Radio 4 You and Yours

There are only 2 ways to get better at something:
Keep doing it until you learn and eventually get it right, or
Get some training so that you can learn to get better so that you do not make mistakes.

Additionally you need to learn from your mistakes.

Larry has obviously got himself noticed as he has managed to get an online interview. Hopefully there will be more with opportunities to get his message over.

My advice, for what is worth, is that Larry, and anyone else from his organisation who will be interviewed, should get some detailed media training to help them understand how the interviewers work and how to get their point across clearly.

Not a criticism just practical advice on how to level the playing field.... Read More

Simon Lever

11:30 AM, 25th August 2018
About 5 months ago

Taxi company or sole trader?

If you would be looking to use the taxi business losses against any property profits in the limited company I doubt that HMRC will allow the offset of the losses.
In general the losses can only be used to reduce profits from the same trade or profession which is clearly not the case in this instance.
Check with your accountant before making any decision.... Read More

Simon Lever

9:11 AM, 21st July 2018
About 6 months ago

Setting up a property management company?

A managment company could work if you stucture things correctly.
If you set up a company to only manage your own properties then HMRC would try to use GAAR to say that it is merely a scheme set up with one of the main purposes being to reduce tax.
However if you make your kids shareholders then they can receive some dividends tax free.
If you know other landlords then you can offer them the service and if you can find other properties not owned by you then HMRC cannot say that it is not a legimitate business.
You would need to advertise your services as well to show that you are running a business. Other badges of trade such as insurance would also be necessary.
From your post it would seem that the main reason for setting up the company is to avoid tax so you need to find as many ways as possible to make it into a legimitate business for HMRC not to get too interested.... Read More

Simon Lever

13:46 PM, 2nd June 2018
About 8 months ago

The Management Company Director who wields absolute power!

You say that she has appointed another director.
Unless the articles give her power to do this then the appointment is not valid.
Directors are appointed by the shareholders unless the articles provide otherwise. Speak to your solicitor and if the articles do not provide for her to make a direct appointment then advise Companies House that the appointment is not valid and you wish the name to be removed from the register.
Call for an EGM of the members to discuss this and other matters. The directors must call a general meeting if so requested by the holders of 5% of the voting shares.... Read More

Simon Lever

12:38 PM, 28th April 2018
About 9 months ago

How do I claim back the 25% of Residential Finance cost under Section 24 when I am in a Property Partnership?

Once the 25% non allowable interest has been transferred to the personal tax returns the calculation of the tax due will allow 20% of the interest as a deduction against the tax calcualted.
If the both Martin and his wife are basic rate tax payers before the 20% deduction on their disallowable interest then they are in the same postion as they were last year.
If they are not both basic rate taxpayers then as they are a registered partnership submitting partnership returns they do not have to keep the 90:10 profit sharing ratio but can change this at will. A change in this ratio should be able to bring both of them back to the basic rate tax situation.
https://www.gov.uk/hmrc-internal-manuals/property-income-manual/pim1030

There may be other reasons not to change the ratio but this will work.

Maybe a one off consultation with an accountant would be cost effective.... Read More