Good video and very helpful. My parents have an estate in excess of £1m and are looking to gift me £500k. Do both of them have to live past 7 years to make it tax exempt and what happens if one dies? What happens if I spent it all and they both died within 3 years - I’m guessing the taxman would still want payment from me? People could come unstuck with this so would be good for more about these sorts of things if you did a follow up video. Thanks

Thank you for clarifying that you need to write to HMRC to preserve a capital loss for the future if you are not completing a self assessment. Much appreciated.

How about if the company director or his family member lives at the property?

My husband left all his estate to me when he died so as I understand it I am allowed to have £650,000 before being liable for inheritance tax. George Osborne then added the family house to that amount making the tax free amount £995,000. I am about £200,000 under that amount. If I gave my two children about £50,000 each now while I am under, if my house went up in value say in three years to take me over the £995000 threshold would inheritance tax be due on what I had given them?

You are brilliant! And Just weathered yourself a new subscriber

..and if you withdraw the funds out of the company, you then pay personal/dividend tax. It's a real problem for flipping as a side hustle where you have other income. Makes the actual tax rate very high.

Hi Kimberly, thanks for your very useful videos. I have got 2 questions plz. First, can i buy a property on any kind of limited company such as catering or transport company for example ?. Second question , what is the best SIC code for property limited company? And does it make any difference if my property business is trading or investment? Thanx in advance Kimberly 😊

Interesting. Thanks.

So how the HMRC will tax the individual if it isn't considered a Capital gain?

Haha my audio is absolutely fine :-)

Maybe invoicing will benefit taking out mortgages and possibly if you want to contribute to your pension.. just ideas..

Its not an easy Tax to understand and its a very unfair tax Its caught out a lot of Landlords who work for a living as they use there allowances in the employment I am lucky being a full time landlord and i can use my full 50k allowance I can work with it and make sure i claim every penny i can in costs of running the houses i own I cant see it changeing and with the Allowances being frozen its a problem trying to get the best BTL Mortgage rates is vital and rates are dropping rents have gone up so landlords should cover the extra costs of S24 good video

Hi Kimberly, great contents in your channel, thank you! If I have the assets under a limited company, and I do not take any profit out of the company, do I need to do additional student loan repayments anyway? What about if I want to take the profit to do overpayments of the mortgage? I also have my normal 9 to 5 job which through which I am already repaying the student loan, does that affect anything?

Possibly a complicated one here. My business has paid for a warehouse extension on land / premises that I do not own. We have paid for the structure / walls / flooring, job lot - and agreed to not pay monthly rent. How does this work in respect of tax and relief? TIA.

Hi, if i have a LTD company, the buys house to then let out. And i let them out fully furnished. Would the Furniture be classed as Expenses or Asset (can i claim through AIA?. Thanks

Very useful information, thanks for this 👍

I have found it really hard to find any banks that will allow you to open a Holding Company with SPV - anyone have an idea on where to go? Tks

Thank u.

Hi Kimberly, this is very helpful. I read somewhere that basic rate taxpayers are not impacted by S24, but that appears incorrect? Also do you a personal tax consultation, if so at what fees? Keep up the great work 👍

Great content as usual Kimberley thanks

Hi I hope you're well. I saw a video of yours earlier in regards to selling a residential property that I live in to a LTD company to let out as a buy to let, to then purchase another residential in my sole name. Would you be able to provide advice/services if I was to contact you in this regard? Many thanks.

What about registered office address for the company?

Really helpful video. I wasn’t aware the reduction considers 3 values. What if the rental income is lower than the finance cost?

Great 👍

I really appreciated how you explained it so clearly and simply

great video and your a lot better looking than my accountant !

Please start using Chapters in your videos

£33 😆

Gary waterman

Thank you so much, this video was really helpful! X

This was a very insightful video, thank you. Have a query about how I would apply these calculations to my situation. I have lived in a property owned by my parents jointly which was purchased 25 years ago, this is a shared ownership where 50% of the property is owned by them and the rest by a housing association. My dad passed away and I inherited his share about 6 months back. How would I calculate PRR given this assuming I sell? Namely following your example what purchase price should I use? Would I use the value of the property at the time I inherited his share? Or would I need to use the original purchase price from 25 years ago? Also am I right in assuming that I would scale this numbers to align with the fact that I own '25%' of the property? Thank you!

Do you know how strict the time frame is? Say the transaction completes 3 years and 1 month later.. would that be an automatic rejection from experience? Thanks

Salary B4 tax if your rents are only 20k then I am assuming the salary isn't coming out of the profits therefore implying this is a work salary from PAYE?? If this is the case then you've already paid tax on it and in your example your not taking away the tax portion in your computation IE a pre tax salary and rental income = 56k putting Yiu in the higher tax bracket before you've even started ..

This is so useful. I’ve been looking for a video and how to guide for awhile and this was spot on! Cant believe there’s not more videos on this - thank you so much. Just need to finalise my sale have 2 months yet

Thank you, I must say I didn’t struggle to understand what you’re explaining.. pretty clear to me considering you’re talking accounting 🙈🤣

i know this is not property business related but lets say i had a dine in establishment, and i was expecting to make a profit of 50k but instead i decided to buy a 40k art piece to hang in the resturant, leaving 10k profit. Would i be liable for the 50 or just 10?

Can you do a similar calculation without any salary ? My net property income is £57000 and no other income

Can I get equity from my current resident property and transfer the property it to a ltd at the same time?

Thankyou Kimberly, this was very useful for me .

Hi Kimbderly, another great video. Cab i set up Holding company now and then set up other subs at a later stage as I go onto to do other strateries in my property biz, e.g. Rent to Rent SA etc?

Hi Kimberly - that was a very thougher and informative presentation. I am setting up a Deal sourcing and Deal pasckaging limited company and will look to your channal in future. Well done.

Is stamp duty a cost we can claim as an expense?

AIA guidance states "tools such as ladders and drills". As a limited company, can i claim back if i purchase a table saw in our first year as this is necessary for some carpentry tasks? It will be used solely for business tasks

Can you not HMRC to link to you, I've actually learnt what to do and safe myself stress for the future. Would donate but barely breaking even after so many expense rises, Thanks

Thanks for this valuable point.

Can you gift to a Trust which only comes into existence later (sorry for asking "stupid" question? The idea is "analogous" to gifting to future grand children etc.

Does 7 year rule apply to gifting to a Trust?

Thanks for the informative video. Would it be possible to leave the property to the children in a trust and continue living there without facing IHT?

If parents gift a jointly owned second property to daughter and only one parent survives the 7 years does any PET return to estate?

Hi I've just set up a limited company to build a property portfolio,I have a house on a mortgage and want to move it over to the limited company on a BTL. I have a low credit score and have some defaults and it's crushing me with interest rate implications, is there a way I can get around this, I don't know what to do I don't know who to speak to regarding bad debt? Please can you help me? Thanks Guy