I am a landlord with a very modest portfolio built over 20 years. I decided to bite the bullet a few years ago and sought professional advice through Property118. Further to my comments here on 22 Feb 19 (page 9) I am delighted to say that everything is progressing to plan: the completion of an advised three year period of partnership ahead of full incorporation perhaps this week. The highlights are no capital gains or SDLT, a solid structure upon which to expand my business and some clever IHT bits to ensure I have planned for my family in the future. Furthermore, one of the greatest aspects of all is the ongoing ability to ask any number of daft questions of Mark Alexander and Mark Smith and tap into that vast wealth of expertise and experience! Through the process I have also expanded my network of vital support (accountants, brokers etc) which gives me the confidence to move forward in what is sometimes a lonely business. I have taken the plunge following redundancy and am doing property full time now; something I have always dreamt of but never really believed was possible (thank you Covid?!). I genuinely would not be doing this without Property118 and I will undoubtedly give a further update post incorporation.
Reply to the comment left by H.R. at 10/02/2021 - 11:02
We have literally just completed the transition from non incorporated to incorporated, via the help and guidance of P118, without whose expertise we simply wouldn’t of been able to complete the process.
What I can say is we had a few sleepless nights over whether it was the right thing to do. We also asked all the daft questions which were fully answered in a simple format.
I really wonder today why we took so long to complete the process.
The freedom post incorporation to run things as a property business in the future was the main aspect for incorporation for us.
I would like to thank Mark Alexander and his team at Property 118 for all their help and advice with the recent incorporation of our property portfolio.
Mark Smith too, the Barrister that took care of the legal side of things.
We paid Property 118 for an initial tax consultation.
I can only do things ONE STEP at a time.
This initial consultation, was not only EXCELLENT VALUE FOR MONEY ( especially when put into CONTEXT ) but it was a really SAFE first step.
I thought to myself, ' Even if I do not act on the RECOMMENDATION of Property 118, it can only be good to see what they're saying '
Before you can make any PROGRESS, you need to know where you are , not where you think you are.
Property 118 did not tell me what I wanted to hear.
They were beautifully straight forward and HONEST in their approach to helping me see exactly where I stood from a taxation point of view ( SECTION 24 is real )
Patiently, STEP BY STEP , ( I am slow to grasp things ) the best course of ACTION was explain.
It didn't stop there.
In the recent past, I'd had various solutions and different options explained to me as to how we could overcome the relentless and increasing BURDEN of SECTION 24.
But nothing happened.
I needed someone to make it happen, to put the solution into PRACTICE .
Property 118 were excellent in WORKING with our accountants in putting into PRACTICE a straight forward LOGICAL plan of ACTION.
Put simply, I cannot THANK The Property 118 Team enough for all their HELP and for the WEIGHT they've taken off my shoulders and the shoulders of the WHOLE FAMILY ( because it had started to effect the whole family )
Are you getting VALUE FOR MONEY ?
This very pertinent question was put to me by our Solicitor.
' The quality remains long after the price is forgotten ' ....... were the words of a famous British car manufacturer and are relevant.
Whilst it's on my mind to say, ' I wish I'd done it years ago ' .
It's NOT TOO LATE .
SPEAK to Property 118.
SHARE the burden .
You'll be glad.
Thankyou again to Mark and all his team at property 118 and also , thankyou again to Mark Smith of Cotswold Barristers
Tony and Cath Drake
I own a BTL portfolio and and needed to research the strategies and tax implications for retirement.
Without doubt the consultation I booked with Mark Alexander via Property 118 was excellent.
Time and money very well spent.
The advise given by Mark on a personal investor as well as tax strategy level was both inspirational and certainly invaluable.
He identified and analysed options that I certainly wasn't aware of.
If you need property tax advise I would heartily recommend - I doubt you will find better.
Mark Alexander and Mark Smith and team members of Property 118 and Cotswold Barristers, along with Neil & Bronja at Pacific Accountants have made the incorporation of our property rental business a reality.
There is very little that hasn’t been said already. I would add though key words and feelings that spring to mind that I can easily say resonate with the property professionals mentioned above are passionate, trustworthy, collaborative, structured, methodical step by step approach, approachable, alway on-hand and supportive is how I have felt and experienced over the last 5 years or so. I have been challenged in the past by those close to us ‘what’s it all for..what’s your plan’ in renting property... My grandfather who emigrated half way around the world when I was a little boy was enthusiastic about Property...and his enthusiasm has rubbed off on us which started us off on what can only be described as life changing. The changes in tax treatment to private landlords challenged our approach and thinking about ‘what’s our plan’...and I am pleased to say that we had the confidence and trust to take advantage of the experience of property professionals helping us to structure our property rentals into a property business, that will have an impact on not only our lives, but the lives of our family for generations to come...which I find personally exciting to a leave a legacy and statement for family members of today, and those of tomorrow that aren’t here as yet.
Thank you so much. We will always be forever grateful and thankful for your personal care and support and selfless focus on helping fellow minded property professionals unpack and navigate the world of property.. This has a knock on benefit of supporting real people in living in areas and communities that they wouldn’t otherwise be able to..without our collective interest and focus in renting properties , we wouldn’t be able to support real people and families in their personal lives and ambitions.. filling the gaps where local and central government and institutional Build 2 Rent outfits do not operate. Incorporating and structuring our business through these professionals has made sure that this can continue to happen
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