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Is A New Business Necessary?

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Ric.ror | 13:19 Thu 27th Aug 2015 | Business
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I bet your all sick of me asking about this BUT - in a few months I will be moving from my house and renting it out. I am hoping that - maybe in a year or two - to buy another property to rent out too. Will I be able to do this as an individual or will I need to set up a company to deal with this?
I intend to carry on my own local authority job for as long as possible too
BTW - my job is in no way related to housing
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You can do all of these things as an individual, and you would report the income / expenditure as part self-employed (self-assessment) return to HMRC.
There may be tax advantages of setting up an LtdCo, but you'd have to talk to an accountant about that. However getting a buy-to-let loan as a new LtdCo may be a dissuading factor for LtdCo. It depends on your situation and other factors.
Don't forget that there is a potential future liability to capital gains tax on your existing house (when it ceases to be your principal private residence) if property prices continue to rise, so you will need to establish a fix on the value of your house at the point you move out of it
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Thanks for your reply Dogsbody - I think I really need to contact a financial advisor

Thank you again for your answer
You need someone who understands accounting and tax.
Financial advisors are a generic animal who most often provide investment advice, rather the specifics of buy to let.

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