Limited Liability Partnership “LLP” LANDLORDS’ CASE STUDY

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Bob and his brother Richard own six rental properties in a Limited Company, another six in joint ownership and three each in their sole names. Richard owns another three properties jointly with his two sons, two jointly with his wife and another jointly with his mother.

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How can taking a salary reduce our tax bill?

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Two of my former Tax Planning Consultation clients (Steve and Debbie) sent me the following email this week and have since asked me to share it, together with my response, with all Property118 members …

“Hi Mark

My accountants have suggested that if we pay ourselves a small salary we will actually pay less tax.

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Bank Rate held at 0.75% amid reduced growth forecast

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The Bank of England’s Monetary Policy Committee (MPC) today voted unanimously to maintain Bank Rate at 0.75% with a reduction in forecast growth slowing inflationary pressures.

The Office for National Statistics estimates that the size of the UK economy increased by 0.3% in the three months to November

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Citizens Advice calls for direct payment to Landlords to be more widely available

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People claiming Universal Credit are still struggling to pay for the roof over their heads, despite the wait for their first payment being reduced from 6 weeks to 5, new Citizens Advice data shows.

1 in 2 people the charity helped were in rent arrears or fell behind on their mortgage payments

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Stuck with low EPC empty house we can’t rent?

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My Husband and I (in our 50’s) bought a house, our first one together. We managed to save up the deposit and recover our credit over 15 years to get a mortgage. Shortly after completing I fell ill and had to move into a bungalow

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How can I form a partnership if I’m the sole owner of the properties?

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Property ownership comes in two forms: legal ownership and beneficial interest. The two are usually united, but they can be separated. The legal owner of a property is the person who is registered at HM Land registry, whereas beneficial owners are entitled to enjoy the economic benefits of the property

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