GetGround specialises in setting up and running UK Limited companies to purchase Buy-to-Let properties in the UK. All their companies have high-quality legal documents and are designed to be tax-efficient, as well as work effectively with mortgage lenders.
How does GetGround work?
GetGround will:
- Set up a UK Limited company for you
- Provide a company bank account
- Do everything required to manage your company including:
- Accounting
- Tax filing
- Legal documents
- Secretarial work
What are the benefits of buying property through a UK Limited Company?
- Tax efficiencies
- Limited personal liability
- Easily buy and sell with others
- Improved estate and inheritance planning
- Well developed mortgage markets
The most notable benefits are potential savings in Stamp Duty Land Tax and Capital Gains Tax.
This article will highlight some common misconceptions in the market and provide some clarity on these points.
GetGround serves clients who are purchasing an investment property for the purpose of letting to third party tenants, and in this case, the SDLT remains equal to that of personal ownership.
This is true for both UK and non-UK residents; there is no additional cost. This is also true if you are a First Time Buyer (FTB) in the UK and plan to let the property. The relief offered by the UK Government from 2017 to FTBs is only applicable if the intention of the purchaser(s) is to occupy the property as his or her only or primary residence.
It is a time-consuming and expensive process to establish and run a UK Limited company
GetGround is making the benefits of a Limited company structure far more accessible to all investors. With the GetGround platform, investors can set up a UK Limited company online in fewer than 30 minutes from wherever they are located. This includes registration with Companies House; structuring the Company; production of all associated legal documents; and opening a UK payment account for your financial transactions.
We manage everything related to the administration of that Limited company including accountancy; tax filing; auditing; and company secretarial services. We also act as the registered office address. GetGround provides this comprehensive management service for £240 per year (+VAT), which is approximately 8 to 10 times cheaper than traditional alternatives.
It is a time-consuming and expensive process to establish and run a UK Limited company
As specialists in the creation of UK Limited companies for property acquisition, we have developed an excellent network of partners. We have strong relationships with many respected independent mortgage brokers and lenders.
There were more than 30,000 Buy-to-Let purchases made in 2019 using a company structure, leading many lenders to develop and improve their operations in this specific area. We have access to more than 25 different lenders and upwards of 400 different mortgage products, providing investors with increasingly competitive rates and flexible criteria.
It is harder to sell a Limited company-owned property
For property owned in a company, there is increased optionality when it comes time to sell. Sellers can choose to either sell the shares in the company or the property itself, whichever suits them best and maximises their returns.
GetGround is increasing the transparency around holding assets within a Limited company structure. Our commitment to this transparency is one of the key reasons why the UK Government, via HM Land Registry, has invested in GetGround. The companies we create can not undertake any activity other than the purchase and ownership of UK Buy-to-Let property.
We operate on a one Limited company per property basis, which creates both financial benefits and increased trust within that entity. All companies have a complete and clear track record; all original legal documents will be held securely on our platform; there will be no other shared liabilities, and all financial activity is clearly documented. Therefore, any future buyer will have complete visibility into the ownership history giving them full clarity and confidence in the purchase.
For more information about GetGround, use the chat function at the bottom right of this page to get in touch.
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Disclaimer
You should refer to HMRC Website for more detailed advice on the SDLT regimen in the UK.
https://www.gov.uk/stamp-duty-land-tax/residential-property-rates
You can follow the link below if you wish to calculate your SDLT liability.
https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro
You may be entitled to certain exemptions. You can refer to the link above for further information.
Please note that this information is for general purposes and is not intended to be tax advice. Tax rules are subject to change at any time without prior notice. You should always obtain specific advice which is relevant to your circumstances. SDLT rules are very complicated and advice can vary depending on your circumstances.
