Starting a letting Company!

[Investy]

Adam you sort your self employed Tax out by completing an annual Tax return either yourself or with the help of an Accountant or Tax adviser.

The revenue in good time might adjust your empolyed Tax code but that would be a long way off, so nothing to do now apart from inform the revenue once the business starts. I would avoid going limited until you are well established as the additional work is quite onerous. Once the business partnership has been established a few years you could tghink about 'selling' the entity to your own new Limited company as this may stablish a 'Directors loan' account which vastly reduces your Tax bill.

[adam1]

Thanks for the advice,

In respect of informing the inland revenue,i had a feeling that is what i would need to do but i just wanted to find out from professionals like yourself before hand..im glad this would'nt affect my employed tax for some time.

Is it possible you could tell me more about not turning the company limited from day one? pro's and con's? as i was told to make it limited..would really like to hear what u have to say in regards to this,

many thanks

adam

[camel with three humps]

You will have to sort it out separately. It also depends how you set the agency, will it be partnership, limited company etc.

Something, of this nature cannot be worked on generic terms. You need to speak to an Accountant in depth and do tell him your personal/financial situation & where would you like to be in few years.

[GIF levis_lic]

I only wanted to say that take care of legal information before starting it
bcoz i have suffered a lot due to lack of specific information

ok all the best for forward step

[slkstu]

Originally Posted by wesley

Hi all,
I have been letting my properties out using an agent for a couple of years now and cannot believe the mistakes that these letting agents make. Every time, it seems to be the same stupid things.
I was wondering has anybody ever thought of starting a letting company up, I know this has probably been covered in past posts, but thought I'd start a new one anyway.
Anyone actually done it and made it, or tried it and thought....nah??
Anyone know where I could get decent courses for free on how to become an agent, how I would become qualified to join ARLA or similar bodies to add professionalism to it?
Would love to hear your thoughts as I am seriously thinking about this as an option, as I am perhaps being made redundant soon. So would like to get started learning the ins & outs sooner rather than later!
Cheers
Wesley

Take a look at letsdolettings

[slkstu]

Google letsdolettings to get to their website.

[Danni691]

Hi

Sorry I am joining this thread a little late.

If anyone has any experience with the Southcourt package I would be very interested to hear from them as I am considering purchasing it and it would be good to hear other peoples comments. I would be very interested in hearing from Keystone as he/she?? appears to have used it.

Many thanks

Danni

[slkstu]

Originally Posted by Danni691

Hi

Sorry I am joining this thread a little late.

If anyone has any experience with the Southcourt package I would be very interested to hear from them as I am considering purchasing it and it would be good to hear other peoples comments. I would be very interested in hearing from Keystone as he/she?? appears to have used it.

Many thanks

Danni

The best package is lets do lettings they offer two packages and are actually lettings agents so their knowledge is fully up to date. Take a look at their website its fab. Buy cheap buy twice.

[Racer]

Hi we have been trying to set up a lettings company for a number of months now and are finding it really difficult to get moving. Anybody experienced similar problems?
Our biggest problem is not knowing what we are doing wrong.
We have followed the Southcourt package to the detail. We dont think there is anything at fault with this marketing package but we have hit a brick wall here, a few enquiries nothing else. It's extremely difficult to stay upbeat and positive -
we have:

Sent flyers out
Internet marketing (just about to sign up with Rightmove)
Had 4 big newspaper ads done We are having boards made up to put up. We have arranged to network with property networks in the area.

We feel we are not marketing right in an area which has some (albeit useless) bigger companies out there.

Feels like we are trying to fight our way in the dark because we dont know what we are doing wrong. Anybody been in this situation of flailing around not knowing where to focus effort/not knowing what is wrong to fix it?

Any ideas how to break through this would be appreciated - thanks

[camel with three humps]

Its all about market presence & service. This is not the best time to get into the letting. Half the properties are not ready, low cost airlines are not flying into Morocco. MAD is strong against £. Finally, the best time for rentals is July/August & that is the time eveyones wants to book.

Advertsing on rightmove etc is a good move. You need to tap the Spanish & French market as well.

Good luck