Government plan to resolve combustible cladding problem.

[Gordon999]

If you want repairs done on your building , you should consider setting up RTM company to take over the service charge account from the freeholder.

You need to contact and get support from leaseholders of 4 other flats. You can find information on RTM from www.lease-advice.org

[Gordon999]

Is the soil level around your house higher than the damp course level of brick walls. ?

[Gordon999]

1. No. You have not sold the property yet

2. 19% on profit by company.

3. Seek advice from accountant.

[Gordon999]

You need to consult a solicitor on whether you are selling a flat with 55 years lease or 130 years lease. I do not think L forum can answer your question.

Also you should ask solicitor whether you should extend the lease to 999 years after the laws are changed next year ?

[Gordon999]

You can find information on limited company contribution to pension for director online :

https://www.unbiased.co.uk/life/smal...pany-explained

[Gordon999]

Cannot open the file. What does the clause say about compensation ?

[Gordon999]

Capital gains tax payable after sale of a residential property is charged at 18% or 28%.

The first £12,300 of the capital gains ( sold between from 6 April to 5 April in following year ) is tax free .

https://www.which.co.uk/money/tax/ca...apital-gains-t...

[Gordon999]

You need to discuss with a tax accountant if qualify for paying cgt at 10% rate available to entrepreneurs :

https://www.gov.uk/tax-sell-shares/relief...

[Gordon999]

If under 18 years, you should check if he can be registered as joint owner .

[Gordon999]

Its a good idea if you can persuade the tenant to move to your next property.

It means you can sell current property with vacant possession.

[Gordon999]

You have made a capital gain= £70K during 2011 to 2022 ( = 11 years approx )

Your own residence period (2011 to 2018 ) +9 months = 8 years approx.

your capital gain during own residence = £70K x 8/11 = £50K approx.( Nil cgt )

Your taxable capital gain (...

[Gordon999]

It should be stated in your lease who places the "buildings insurance" and what % each flat contributes.

The "contents insurance" for each flat is paid by the flat owner

[Gordon999]

The Times Newspaper ( Sat 13 Jan 2022,) Money Section page 62 &63 reported on BTL owners putting properties into a company..

The paper showed there are 228,743 BTL limited companies by end of 2021.

A company director can take £2000 in tax free dividends .
...

[Gordon999]

You should consider buying the freehold and become the landlord.

If the sun awning is portable and free standing, you are not making any alteration or addition to the building. . .

[Gordon999]

The service charge account holds money contributed by leaseholders who should be given an annual summary of income and expenditure for the year. Auditing by qualified accountant is a requirement if there are more than 4 leaseholders in the block of flats.

But in larger block of...

[Gordon999]

Two detached buildings ( block of flats ) would require 2 RTM companies with 50% support from leaseholders in each building.

But when two buildings are joined together and controlled under one service charge account, I would expect one RTM should apply.

But you can...

[Gordon999]

You should claim the cost of all tools as expense against rental income. You are not allowed to charge for your your own labour.

[Gordon999]

here is the gov website on capital gains tax relief :


https://www.gov.uk/guidance/venture-...ins-tax-relief

[Gordon999]

Tax relief for reinvestment of gains in qualifying schemes is intended to stimulate investment in small businesses, and is incorporated into the enterprise investment scheme (EIS), as EIS deferral relief. This provides a ready supply of venture capital to growing businesses.

Deferral relief...

[Gordon999]

Michael Gove speech in Parliament on 11 Jan 2022 :

https://www.gov.uk/government/news/g...ladding-crisis


Mr Gove revealed a 4-point plan to reset the government’s approach:

• Opening up

...