Landlord limited Company?

[Rollerbird]

Just about to buy a house to let.
Wondering about if to set up as a Company and the Company to buy it.
It's a cash purchase (sale of deeceased parents house) and it is 5 self contained flats
Do i need an accountant or how do i go about it all?
Apparenrly it is better tax wise if it is a Company
As you can tell Im a total newbie to this all and would appreciate advice please!

Speak to an accountant who knows about this area.
I can recommend one if it helps?

It really is swings and roundabouts. There is no definitive answer.

In a company, you may pay less tax each year but will end up with double tax when you come to sell the property and close down the company.

Personally owned, you may pay more tax each year but won't be double-taxed at the end when you sell it - just once.

One of the drivers of incorporation at the moment is the full tax relief on loan interest remaining available for a company, whereas it's being restricted for individuals, but if you're not borrowing to buy the property, that point is mute.

You really need to think about how long you intend to own it, when you intend to sell it and what you plan to do with the proceeds, whether you need the rental income each year or whether you can leave the rental income in the company. It's all about your future plans long term.

Thats helpful
If i dont go the ccompany route
Do i keep records and do a tax return?
Ni contrributions?
Can i take as much of the rent to spend as i want?

You need to speak to an accountant in this area.

Depends on a whole host of factors as badbadbunny pointed out.

For a fair few people, unless they have significant interest costs, the complications of running it through a company outweigh any tax benefit. It's not that common a structure for landlords with only a few properties, however do go see an accountant who should be able to do the sums for you - it really depends on your other income, too and what your long term plans are.

If not going down the company route:-
No NI contributions on rent. No additional record keeping than for what would be required in a company - in fact, slightly less. You would likely have to do a tax return regardless of whether it was in a co or not, and yes, the money is yours to do as you wish with.

I know I sound very silly here - but I really want to do this, and I guess I have to start somewhere!