Martin Eyre

Registered with Property118.com
Thursday 11th July 2013


Latest Comments

Total Number of Property118 Comments: 7

Martin Eyre

15:42 PM, 16th February 2015
About 4 years ago

Running cost of bio mass boiler

The government grants are there to offset installation and maintenance costs, not to subsidise the heating of homes, although Biomass is widely recognised as being cheaper than oil.
IMHO the energy user should pay for the energy they consume (as metered at the point of entry to their home), but not for the cost of installation and maintenance of the system.... Read More

Martin Eyre

14:42 PM, 16th February 2015
About 4 years ago

Running cost of bio mass boiler

IMHO he should take the cost of fuel and divide it proportionately based on the amount used.
I suspect he will be getting a massive government incentive through the RHI scheme. The amount of energy you 'use' will depend of the location of the meter and the distance/efficiency of the connection to your home. If the meter is in the plant room and there is a long run to your home I would strongly advise against using the biomass boiler for hot water only in the summer, an electric immersion heater may be much cheaper to run.
What does your tenancy agreement say about heating?... Read More

Martin Eyre

16:47 PM, 12th September 2014
About 4 years ago

Buy to Let for Mum

Tony, thanks again for your comments.

I guess it could be a maximum of 10 properties eventually, with the aim of paying my mum up to £2000 per month.

The VAT was on the 15% management fee from a London based agent. I guess I would be safe (from HMRC) if I could show I was paying my mums limited company a market rate for management services, but it might need to be 25% initially.

The best tax situation is from running a limited company, and its something she would be comfortable with. But the other options might be better in the eyes of the tax man if I need to pay her more?????... Read More

Martin Eyre

14:53 PM, 12th September 2014
About 4 years ago

Buy to Let for Mum

Thank you for the helpful comments.

Options I'm currently considering...

1) Employ mum to manage the properties (Tax situation OK, but not great due to NI)
2) Let to mum and her sublet (better for me, guaranteed income, better for her as no NI)
3) Mum to set up property management business (Tax and business benefits great, but need to run the business).

If we did option 3, what is the most, as a percentage, that I could pay her and justify to HMRC? I've seen some agents advertise 15% + VAT = 18%.

Many thanks... Read More

Martin Eyre

11:25 AM, 11th September 2014
About 4 years ago

Buy to Let for Mum

Hi Mark & Tony

Thanks for your comments... Some more information...

I don't want the hassle of managing the properties, don't want to make a significant loss, don't need to make a taxable profit and think I have a better chance of getting good mortgages deals than my elderly mother. She enjoys managing buy to lets and this will give her a part time job and an income whilst it will benefit from capital growth (assumed) in the long run.

She will pay less tax than me on any profits and I am (hopefully) further away from the uneatable inheritance tax.

Is there an issue as it might be considered 'not at arms length' or whatever the phrase is?

Many thanks... Read More