I need financial advice.. Not sure where to start

[MrMoonyMan]

Through luck, hard work and savings I am currently sitting in quite a fortuitous position and have quite a bit planned for the next year.

However, it is the first time I have embarked on any of the things that I am hoping to do.

In the next year I want to start a ltd business to look after two (or more) properties that I plan to buy to let. I also want to build an extension on my own house and take advantage of the amount left on my mortgage to help with that.

I have funds in personal savings for the two properties deposits and for the extension.

Although I have the basic ideas on what I plan to do I am at a bit of a loss as to who would be able to advise me best on all of the above.

Thank you

[Ginge R]

Interesting that you're starting a property company, any particular reason, apart from the obvious ones?

Will you be dealing in residential or commercial?

[MrMoonyMan]

The idea stems from the new rules that government are bringing in.

I want to get started with btl's but it seems that as a ltd company to make more sense now.

[Ozzie Osmond]

MrMoonyMan said:

I am at a bit of a loss as to who would be able to advise me best on all of the above.

Sounds like you need to get yourself an accountant. He/she will obtain a full understanding of your situation and advise accordingly. You will certainly need that advice if, as it sounds, you're going to get into heavy borrowing.

[Ginge R]

MrMoonyMan said:

The idea stems from the new rules that government are bringing in.

I want to get started with btl's but it seems that as a ltd company to make more sense now.

Ok, and there are lots of pros. I'd agree with Ozzie in the first instance. The biggest help to you right now, is getting the tax side sorted out. If you have a Ltd company, there are great benefits in establishing a pension and protection (paid out of corporation tax), but that'll come a bit later. Get the formation sorted first. Good luck!

[MrMoonyMan]

Excellent. Thank you very much for that advice. I'll take it on, I've got a couple of accountants in mind already.

It will be interesting to see how it all pans out on the housing market after the new changes..