I am based in Scotland and just had a consultation with Mark Alexander regarding my tax structure position to best continue my property business as efficient as possible. I found Mark very helpful and informative.
The advise appears to be focused on the long term interest of my position and independent. I have been using Property118 for a while now and will continue to.
Landlords really need a good site like this and good property people like Mark to help balance matters out in an environment so imbalanced in multiple levels at the moment.
Talking to Mark and the team we (The Hope Family) made the 'informed' decision to incorporate our property partnership. We found the process that Mark Alexander and Mark Smith put in place to be both professional and understandable, with a further thanks to the ever dependable Yvonne. Whenever we had a question the advice they gave was clear and handled in a very timely manner and they made a complex problem simple and easy to understand and follow.
Truly - a big thank you for all your help, support and advice
Following the advice and guidance provided by Mark Alexander and Mark Smith, my wife and I have now completed the transfer of our rental property business partnership into a Limited Company structure.
Incorporating via the BICT process, we were also able to take advantage of a capital account restructure enabling us to defer refinancing until such a time as it becomes more commercially viable for us.
We have been delighted with the service provided throughout the process and we would highly recommend any landlords who are considering the incorporation of their property rental business to book a tax consultation through Property118.
Mark Alexander and Property 118 have been an invaluable support to me as a private landlord over the years. Mark's expertise and advice have been crucial for me to make the decision to incorporate my property portfolio. Mark has supported me with minutiae detail every step of the way, always quick to respond and thoroughly abreast of my unique situation. He is the go to expert for landlords navigating the ever changing UK property legislation. I recommend his services wholeheartedly.
Just had a great chat with Mark Alexander.
Its rare for me tio pay for advise (ive been in propety , mentoring, running property meetings for 20 years, so have a fair knowledge!) but todays discusion with Mark has shown it to be a worthwhile action in future. Mark gave me some good ideas and how to balance them for my portfolio and circumstances, instead of going to an LLP. Most enjoyable though was how Mark listened to an idea I have (swapping properties over 4 years to get rid of CGT!) considered it and highlighted issues. We then discussed what action i could take to resolve them. - I have to go for it now.
Good down to earth, well thought through advice. Many thanks Allan
1. I have been involved in property now for some 18 years. Like many a landlord, I looked at the figures on the new buy to let tax, ( non deduction of interest ) and went ouch! This really is a draconian tax, which in some cases means that a landlord will be making a huge loss on any property they hold.
2. We live in an age of low interest rates, but if, heaven forbid and Jeremy Corbyn gets in and the pound tanks ( which it will, if he gets in ), then inflation will return, and therefore higher interest rates will inevitably follow. The new tax has the double whammy effect of the landlord not just paying higher interest, but that the higher interest charged is not tax deductible.
3. Of course, like other landlords I looked in to this. I met with Mark Smith, a barrister who is head of chambers at Cotswold chambers and Ranjan bhattacharya, on a property course. I was very impressed with both of them.
4. Any landlord, who is on a tracker, owes Mark Smith a pint or two or three or four, because he is the barrister who defeated the building society that decided to put tracker rates up somewhat arbitrarily. Mark Smith, challenged the building society, in the Court of Appeal, and the Court of Appeal agreed that the increase in the interest rate was unlawful.
5. I have no doubt that if Mark Smith was unsuccessful in his challenge, then all of our tracker rates would have gone up. As a lawyer myself, I appreciated what he did.
6. Mark Smith and Ranjan also work with Mark Alexander of property118.
7. Between them they guide you through what can be a convoluted procedure. I found Mark Alexander to be really helpful, and insightful. He is a friendly and gregarious man, that knows his subject.
8. I am now delighted that I have incorporated, and owe a debt of gratitude to all three of them. Yvonne, Mark Alexander’s colleague, was very helpful too.
9. Yes, it does cost money, but the savings are substantial, and therefore financially it is a no brainer. Given this I have become quite evangelical about incorporation, and have told all of my property owning friends.
10. I would recommend the service provided by Mark Alexander, Mark Smith and Ranjan Bhattacharya to be very high.
Thanks again, from one satisfied customer.
I have known Mark Alexander and Mark Smith from the court case that we were all part of against the West Bromwich Mortgage Company, which we won in 2016. That experience gave me the assurance they were the right people to help us when we decide to look into incorporating our property portfolio.
We had discussions and email exchanges with both Marks. They took the time to review all aspects professionally and explain any areas that we were unsure of, we didn’t feel rushed at any point. Their knowledge and expertise gave us the confidence that it was the right decision for us and we concluded the process early in May 2019.
We would recommend their services for anyone else considering incorporating their property portfolio.
Thanks Mark A and Mark S!
Just incorporated the portfolio with P118 having run the letting business as a partnership with my wife for 3 years. It’s amazing that so many owners / developers / accountants do not understand the processes and procedures necessary to successfully incorporate without needing to sell anything, refinance, pay CGT or SDLT. Fortunately Mark A and Mark S do, so thank you for helping us get onto a level playing field with HMRC and all the other Ltd Companies in this country.
Needless to say the tax saving benefits are substantial and further opportunities to create director’s loans and IHT planning are available to us. P118 were really helpful during the review and clarification stages which allowed us to make some final adjustments to our portfolio lending and ownership arrangements to take full advantage of the benefits prior to incorporation. Thanks to all the team at P118.
Three years ago my husband Chris and I posted a testimonial on this thread. Such has been the benefit of the guidance we received that my husband and I became obsessed with investigating tax planning solutions for landlords.
We believe everything happens for a reason, which is why we are so delighted to have been invited to become the two latest additions to the Property118 Tax Planning team.
As of next month, we look forward to helping landlords to restructure their affairs to the same extent that Mark Alexander helped us.
As a small time Landlord of 30 years, with a small portolio of 4 properties, I've never considered that I need tax planning, but recently I looked into buying a small block of lock-up garages, as an alternative to buying any more BTLs. Less hassle, especially the way things are going. Anyway, having seen this 118 service being offered, I took the plunge, paid the £400 on-line, and didn't really know what to excpect, but thought I would be in good hands, and there was the promise of the fee being returned if they couldn't do anything for me.
To be honest, we hear this kind of promise from time to time, but from past experience, it's rare that people/orgaisations live up to their promise. Having subsequently spoken to Alex from the scheme, who didn't employ any sales tactics during our conversation, he didn't believe that I could benefit from any scheme that he/they might be able to provide, and subsequently returned the fee that day, without any ifs, buts, or maybes!
Based on my experience, I would have no trouble in recommending this service, particularly if you feel your case is borderline, as mine was, as you have nothing to lose. Again many thanks to Alex, and if I do increase the portfolio, then I will be back. Thanks again.
Advice and implementation provided by a practising Barrister-At-Law with £10,000,000 of Professional Indemnity Insurance
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