Limited company

Mhkallay
Mhkallay Posts: 2 Newbie
in Cutting tax
Hi all ,
I have a buy to let property ( interest only mortgage) with my wife and currently rented out . My wife has another property ( with no mortgage) joint ownership with my daughter age 12years old and the property rented out. We are both working full time . I heard we can set up a limited company to pay less tax. Is there any one please explain what I need to do? Can I set up a limited company to include my wife and myself for both properties although I do not have any share in send property? Thanks for your help.

Comments

  • silvercar
    silvercar Posts: 46,945 Ambassador
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    If you want to put the properties into the limited company, the company will need to buy them off the current owners, incurring legal fees, possibly stamp duty, possible CGT liability for the 'seller'. If they are mortgaged the limited company will need to obtain a mortgage.
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  • Mhkallay
    Mhkallay Posts: 2 Newbie
    Thanks for that. I'm happy to pay required tax amount next tax year but is there any way to reduce and save some money?
  • Keep_pedalling
    Keep_pedalling Posts: 16,591 Forumite
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    How is it possible for a 12 year old to own property?
  • uknick
    uknick Posts: 1,622 Forumite
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    Mhkallay wrote: »
    Thanks for that. I'm happy to pay required tax amount next tax year but is there any way to reduce and save some money?

    If I may say, that's a pretty glib comment.

    Or, do you know what the gain and associated CGT on the properties is?
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