New electrical checks and safety standards for Landlords8:59 AM, 15th January 2020
About 3 days ago 70
My husband and I live overseas but we have a portfolio of 38 rental properties spread across the UK. We are considering incorporation for a variety of reasons, one of which is that Limited Companies are unaffected to the section 24 restrictions on finance cost relief for individual landlords.
Does the fact that our properties are managed automatically mean that we are not eligible for incorporation relief?
Our accountant was unable to answer this question. His view was that we need to prove that we spend 20 hours a week running our property rental business to be eligible. We do spend quite a lot of time dealing with accounting, insurance, keeping an eye on what our agents are doing and general correspondence. Whether we each spend 20 hours a week doing this is debatable. We would very much appreciate any links to HMRC manuals or legislation on this point.
Thanks in advance
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