How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Your Own Question, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 5145
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
Type Your Tax Question Here... is online now

I am a higher rate tax payer. I need to rent out a property

This answer was rated:

I am a higher rate tax payer. I need to rent out a property becuse I cant sell it. Should I be looking to set up a company to do this or should I do it as an individual, which is more tax efficient ?
Hello and welcome to the site. Thank you for your question.

Setting up a company may not be that beneficial if you have just a property to rent as the cost of set up, admin cost etc may outway the advantage in tax saving on the rental profit.

Yoo will be transferring the property to the company. Companies do not get gains allowance on sale where as a taxpayer gets gains annual allowance similar to personal allowance.

I hope this is helpful and answers your question. and other Tax Specialists are ready to help you

I thank you for accepting my answer.

Your reward of a bonus is greatly appreciated.

Best wishes.