New electrical checks and safety standards for Landlords8:59 AM, 15th January 2020
About 6 days ago 141
HMO landlords and commercial property owners will no doubt be very interested in a meeting I had with a chap called Bill Lorryman recently because he has this very simple business proposal ….
If you are an HMO landlord or commercial property owner and Bill can’t get you a tax refund then you don’t owe him any money.
It get’s better though!
Now at this point you’re probably thinking as I did ….
“surely my accountant will have claimed all possible allowances?”
Well apparently that’s highly unlikely to be the case. This is because Bill works in a specialist area of tax called Capital Allowances and unless you have had your business assets surveyed by an experienced Capital Allowance expert, you have definitely not claimed for the allowances you are entitled to.
There really are No-Up-Front-Costs, not even for the survey!
Interesting stuff hey, no wonder Bill is doing so well.
I can’t see the catch, especially as it’s no win no fee and backed by insurance.
I just wish I had a few HMO’s or commercial properties myself that I could test this with 🙁 My assets are all residential or in a pension scheme.
For due diligence purposes I asked Bill to refer me to a Chartered Accountant that has worked with him. I spoke to Chris Bailey, a Chartered Accountant based in County Durham who confirmed that of the last 500 capital allowance claims for HMO’s and commercial properties he has been involved in, the average tax refund was £31,250.
If you contact Bill, please let me know how you get on.
Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.
Our mission is to facilitate the sharing of best practice amongst UK landlords, tenants and letting agentsLearn More