August: the month of opportunity for landlords
We’ve already seen many landlords take advantage of the recent stamp duty changes to add to their existing portfolios, but there are also other benefits on offer.
A lesser known knock-on effect from this tax break is that it also provides landlords with the opportunity to incorporate existing properties into a limited company structure during this period.
There has been much talk about the pros and cons around incorporating a property or portfolio into a limited company structure, and we can now add some further monetary gain into this equation. Of course, each landlord will have their own approach but with potential stamp duty savings of up to £15,000 per property, then this really is the time for all landlords to re-evaluate their positions and consider whether they would be better off operating as a limited company.
In addition, landlords also need to get themselves prepared for the introduction of energy efficiency grants, which are set to launch in September. These grants – worth up to £5,000 – were unveiled during the recent mini-budget to help homeowners and landlords make their homes more energy efficient.
With this funding only available for a year, it’s important for landlords to start reviewing the energy efficiency of their properties and assess what work might be eligible for this grant so they can start applying sooner, rather than later.
All of this is great news for landlords.
If you would like to know more about the pros and cons of operating as a limited company or any other buy-to-let benefits which are currently available, then why not speak to one of our specialist advisers to find out more?