Surely Buy to Let Tax Advice has got to be the way?
I’m a professional Buy to Let Mortgage Adviser who as a matter of course always suggest my landlords seek tax advice.
The offset of interest relief against profit is all but gone if you own the asset in personal names with Tax Year 2019/20 the last tier at 25%. Come 2020/21 and there will be no relief at all. That’s why when I read some alarming research from an intermediary lender Foundation Homeloans, that I use, I thought it wise to share it.
Out of 791 online interviews with landlords, they revealed: only 40% use a professional Tax Adviser once in a year; while another 7% use one even less than once a year.
This makes no sense to me. In most other investment sectors, professional advice is a constant dialogue and property is a substantial asset yet it’s being ignored.
It could be that landlords believe the knowledge in the public domain and on the Government website is sufficient, but the complex ownership structures of property that come my way for mortgages suggests top Tax Specialists are not recommending a vanilla approach.
Niche Advice can arrange mortgages for:
- Limited liability partnerships
- Limited companies
- Beneficial trusts
- Offshore trusts
- The British Virgin Islands
- Foreign investors
- Directors and shareholders
If you are looking at Buy to Let Mortgage please do get in touch but beforehand please open discussions with a Tax Adviser that specialises in property so you are clear on your strategy. Further note, to ensure we remain impartial and independent we do NOT recommend Tax Adviser firms.
Source: Moneyage / Foundation Home Loans 27/02/2020
