Should new landlord use Ltd Company to hold BTL?

[Bambi]

Hello

I am looking at purchasing my first buy to let property - so please forgive any naive questions.

Do I need to set myself up as a limited company? If so how much should it cost to register? A quick Google search showed widely varying costs.

Thanks

JP

[Ericthelobster]

Highly unlikely it would be worth doing, particularly if you're just looking at getting your first property. I explored it myself a couple of years ago and talked to an accountant about it; but basically there are substantial costs involved in setting up a company and "maintaining" it and even more red tape, and you wouldn't save any money.

By the way - if you want chapter and verse on this you'd be better off in the forum on "tax questions".

[Bambi]

Thanks for the reply.

I'll have a look at the other threads.

Bambi

[P.Pilcher]

Once you have a few properties under your belt then you should get individual professional advice on this.

P.P.

[paulw]

there was massive tax saving advantages in setting up as limited a few years back but i believe gordan brown has changed all that now. too many people were jumping on the bandwagon eg taxi drivers and corner shops like me.

i agree...speak to an accountant.