Should I sell or risk tenants buying at undervalue price?9:08 AM, 25th September 2019
About 4 weeks ago 48
A huge number of landlords have never sought professional advice to identify the optimal business structure to meet their goals.
In our experience, the most common gaps in landlords business plans relate to considering business continuity, legacy planning, protecting their assets from ‘gold-digger spouses’ of their children and the optimal tax structure for income tax, capital gains tax and inheritance tax.
The lack of planning described above is because most landlords overly rely on their intuition and/or advice from their accountants.
Most accountants only provide services to record past events and keep their clients compliant with HMRC. However, landlords expect them to consider and recommend alternative business structures and the various forms of tax relief available to facilitate transitions between current business structures and others which may well be better suited. This is our speciality and we already work with dozens of accountancy firms to help identify and implement the optimal solutions moving forwards for their clients. There is no conflict of interest here, because it is quite normal for the existing accountant to retain the accountancy work for the new business structure. Our specialist role (in conjunction with Cotswold Barristers) is to identify and implement the optimal structure and to assist with any legal and financing work necessary to facilitate a smooth transitional process.
One of our goals is to expand the panel of accountancy firms we work with.
We also envisage working with more letting agents, to help them with client retention. This is because many landlords are selling up as a result of not knowing how to deal with changes affecting their tax positions.
Likewise, we are also keen to establish Affiliate relationships with networks and other membership based organsiations (both online and offline) to assist their landlord members.
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