Tax and company structures for Serviced Accommodation

Kevin sheds light on how to structure a new serviced accommodation company. Doing it in the most tax-efficient way. Kevin shares how he and those he has taught do this. Including details that can greatly reduce your tax bill and enable you to manage VAT effectively. Proven approaches, which any SA entrepreneur can easily investigate further and use for their business, where appropriate.   KEY TAKEAWAYS Usually, it is best to set up a brand-new company. Having a limited company makes tax returns and insurance easier. How you own your property is important. There are several entities for you to consider. In the podcast, Kevin walks his audience through each option. When working through the possibilities, remember that you have to pay more than corporation tax when you want to get money out of a Limited company. Understand and factor in section 24. SA owners also need to understand VAT. Including, standard VAT, the flat rate scheme, and the TOMS scheme. Kevin provides an overview of each one. Ask an experienced and qualified accountant that is familiar with SA before making your final decision.  Understanding capital allowances for serviced accommodation may enable you to claim back money even years after your purchase.   BEST MOMENTS ‘Bear in mind the way you will pay tax depends on how you own the properties.’ ‘Don’t just think about capital allowances on serviced accommodation. Start thinking the bigger picture.’     VALUABLE RESOURCES Discover How to Profit from the Airbnb and Bookings.com Boom The Serviced Accommodation Property Podcast https://propertysoldier.co.uk/ Rich Dad, Poor Dad by Robert T Kiyosaki Serviced Accommodation Success by Kevin Poneskis https://progressivepropertyreferral.com/serviced-accommodation-discovery-day/amb0676   ABOUT THE HOST Your host Kevin Poneskis enjoys public speaking, travelling, exercising, and keeping fit. He also enjoys working with a charity called STOLL which provides accommodation and training for homeless veterans.   Kevin was in the British Army serving 24 years, mostly in a Commando unit and retired at the rank of Regimental Sergeant Major. He left the Army in 2011 and became a full-time property investor. During most of his Army career, Kevin was investing in property and has been a property investor now for over 27 years.    CONTACT METHOD https://en-gb.facebook.com/propertysoldier/ [email protected]