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Nigel, Chris and Malcolm answered questions put to them during our live webinar on Mixed Partnerships and Hybrid Business Models which took place on 2nd June 2021.

You can read the full list of questions asked and answered on the call, as well as find details on how to watch the replay.

  1. Do you think those Clients of yours using LLP structures will be able to claim small business rates corporation relief when the corporation tax increases to 25%?
  2. As the properties are held in personal names, how can the CGT be accounted for at Corporation Tax Rates as opposed to CGT rates?
  3. I am planning to buy a property, is it best to buy under Ltd or our own personal name? We already jointly own 8 properties
  4. How do you work out the equity that would be in the company? How would the property be valued?
  5. Is it only viable to use your services if I own 3 properties or more?
  6. In converting to Mixed Partnership, is there stamp duty?
  7. Are your fees based on the portfolio value? If not, how are your fees structured?
  8. Can I do mixed partnerships if I already own two ltd co.s and a personal portfolio of properties?
  9. In the Self-Assessment return, do I have to declare a Tax Avoidance Scheme?
  10. Can you incorporate your own residential property into an LLP
  11. Can HMRC stop anyone from setting up Hybrids business model for tax reduction purposes vs real intention to seriously grow the business?
  12. Would my wife and I still need to file a self-assessment and declare rental income under this structure?
  13. What happens if you have personal losses for example of £100k. Would you delay moving to a partnership?
  14. Can you please explain more about your fee insurance and professional indemnity cover?
  15. Do you advise offshore solutions to clients?
  16. How long is the process to becoming a client?
  17. Can you help with ex-pats who have a property in the UK?
  18. Properties in personal names are in the scope of IHT. how does your hybrid model allow you to transfer the properties for succession planning? and secondly, how will the mortgages be transferred on death?
  19. How does HMRC view the change from ownership to your structure?
  20. Why are other accountants not recommending this structure to their customers?
  21. Why hasn’t my tax adviser suggested a mixed partnership? Are they frowned upon?
  22. If I earn 50k from my day job …does that mean I am already in the realms of 50k profit ..ie is your overall income part of the 50k limit?
  23. Malcolm, you said “Some accountants are risk-averse” – is this risky?
  24. Why LLP and not normal partnership? 
  25. Which one is the best LLP or ltd company for rental properties
  26. Running a business – does this mean one has to acquire new properties or simply continue to let properties?
  27. Can you have a full time employed job as a high rate taxpayer and have property owned personally and through an LTD company to benefit from this structure you’ve discussed?
  28. What really differentiates between an investment company and a trading company for IHT, etc?
  29. How would the documentation be sent to you and returned in order to do the accounts?
  30. How do the charges compare to other accountants, are the fees fixed?
  31. Will the hybrid structure work if you have 7 properties in the Llp but now don’t intend to expand?
  32. In your structure going forward in which party’s name will you buy a new property?
  33. Under this structure, can I submit my own tax returns or am I obliged to pay you for that service?
  34. It seems the stumbling block with many accountants is whether or not BTL is an investment or a trade. Is it still ok to use a letting agent for this or does one risk being seen as an investment?
  35. What is the tax rate for a partnership?
  36. Can you reverse this arrangement if corporation tax becomes unfavourable?
  37. Is varied allocation into the Ltd Partner not avoidance for tax purposes?
  38. How expensive is life cover?
  39. Can the hybrid operate as a complete property business, including investment, flipping, property maintenance, letting agent?
  40. what would be the minimum age of a person that you could allocate profits to
  41. My adult children own properties in their own names – can we combine their properties in their names and mine into one hybrid structure for succession purposes?
  42. Will this structure enable me to withdraw profit from the ltd co. More tax efficiency?
  43. If i currently hold property in an Ltd within a group structure, can I still move this Ltd into your hybrid structure?
  44. Do you apply for mortgages in your individual names in the structure? Is this a regular BTL product or is there a separate mortgage product for Mixed Partnerships?
  45. How long is the process to becoming a client?

Existing Subscribers can access the full video using their Video Vault access link sent by email.

For new users, sign up free to the Video Vault to watch the video and hear the answers to these questions. Alternatively, you can also watch the full webinar replay for more in-depth information and talks from our experts in addition to the Q&A. Follow the links below to find out more.

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