I am considering buying a small property in order to rent to a family member. I want to remain anonymous as far as possible and wondered if it is possible to purchase the property in the name of a limited company and carry out the rental transactions in the name of that company. Anyone done this?
-
-
Yes you can do this. Its beneficial in many ways, although mostly if you buy numerous properties. The biggest factor is obviously taxation. I think broadly speaking if its just a single property there arent huge considerations either way - depending on current rates of tax paid etc.[I]The opinions I give are simply my opinions and interpretations of what I have learnt, in numerous years as a property professional, I would not rely upon them without consulting with a paid advisor and providing them with all the relevant facts[I] -
As MJB says, you would then be running a limited company and have to submit returns, audited accounts (unless you qualified for exemption) etc etc.
If you want to stay anonymous because of housing benefit, then remember your name is available at companies house (so are probably available to the council), and that it is perfectly possible to rent to a family member without contravening the contrived lettings rule..gif "(happy)")
Comment
-
Thankyou very much for your responses. It seems then that it is an option and the returns to companies house and annual accounts are not an issue for me as it'll just be the one property.Comment
-
In case this relates to housing benefit, setting up the company is fine, but anonymity is not, relationships must be disclosed by the applicant.Originally posted by asl1956 View PostI also post as Moderator2 when moderatingComment
Comment