Last night saw the launch of the monthly property investors network meetings in Leeds. We had a great turn out to see our guest speaker David Nicoll who is one of the UK’s top property tax experts.
I am not sure if it is just me, but the thought of sitting through a 2 hour presentation about tax does not fill me with joy, however somehow David manages to make the subject of tax really interesting! To be precise it is not the tax that is interesting, but the strategies David uses to pay less of it.
David gave us so much information that it would be hard to do it justice in a short review such as this, but I think it may be useful to clarify the question that investors often ask me. The question being “Should I buy property in my own name or in a company name?“. The answer to this will depend on your personal requirements but in general the answer is as follows:
If you are buying property for long term investment it is probably best to do it in your own name. If however you intend to buy and sell, develop or trade property (or sell leads) then it may be best to do it in a company. This is based on the differences between personal and company tax rates and the type of tax due (Income tax or Capital gains tax) depending on the transaction.
All in all this was a very successful first meeting with lots of networking. The pin Leeds seminars will be on the fourth Wednesday of the month at The Crown Plaza Hotel, Wellington Street, Leeds City Centre. You can reserve you place here now.