With the stamp duty holiday coming to an end now in the UK. Are there other ways Investors can take advantage of tax relief from buying multiple properties? As we have spoken about before purchasing through a limited liability company host numerous benefits such as:
- Landlords can take advantage of a limited company that pays corporation tax on their profits which is taxed at a much lower flat rate of 19%.
- A company can still claim mortgage interest payments as an expense
- As a limited company it is a separate legal entity from your personal affairs therefore you aren’t personally liable for any losses
- Currently in the UK inheritance tax is 40% of your total estate above £325,000 GDP the benefit when the estate is under a company is that the shares can be distributed and offer more flexibility.
There are numerous benefits to purchasing a property through a limited liability company but how do you go about finding the right company to set you up and understand the process?
Why use GetGround?
Firstly, “GetGround specialises in setting up and running limited companies- online, anytime and anywhere- for the sole purpose of buying and investing in UK properties, accelerating a process that once took a considerable amount of time.” Within 24 hours GetGround can set you up a fully operational business including official registration, documentation, and financial accounts a process that once took months is now available with GetGround’s services in 24 hours.
The GetGround team has experts in every dimension of the process in order to make every part of the process seamless from real estate, legal and finance, engineering, sales, and marketing. This level of service provided has grown year on year with GetGround’s customer base valuing their results-orientated approach to maximise customer benefits.
What is the process?
The process for setting up a limited liability company can now be done with ease via GetGround. Go to www.getground.co.uk and click the button ‘Get Started’ following which there are three main stages:
- Registration:
- - Password
- - GetGround set up a two-stage verification process: a password and then either a google authenticator or SMS code
- Account Creation:
- - Personal details: name, address, telephone number
- - Upload KYC documents: Proof of ID (e.g. passport) and Proof of Address (e.g. any utility bill / bank statement within the last three months)
- - Upload a live ‘selfie’ picture
- Company Creation (one company per property):
- - Click 'Create company' button
- - GetGround services will now guide you through the company and property details
- - Payment is made: either via credit card online or bank transfer (and press 'finish set up')
- - Once all shareholders have accepted, the legal documents will be available online for signature
- - For additional properties, please just repeat the "Company Creation" aspect
The registration only needs to be completed once, following this anytime a client logs in they will be taken to their own private dashboard. The key fundamentals are handled by GetGround to ensure that every detail is correct for setting up your company in order for the customer to experience the benefits and a hassle free solution to owning multiple properties and managing their portfolio.
If you would like more information or advice regarding services at GetGround, please get in contact.
