HB&O’s property tax and mortgage specialists joined forces to share useful insights at an event held for those investing in Homes of Multiple Occupancy (HMOs) this week.
The free event was organised by Homemaker Properties and was designed to provide up to date advice and information for existing and potential investors.
Neil Allcroft, Senior Tax Manager at HB&O, talked delegates through some of the recent changes to tax legislation and offered practical tips on how to run a tax efficient property portfolio. Recent tax changes have included the loss of reliefs which limit the income landlords can gain without paying additional tax. With more changes on the horizon, Neil demonstrated the importance of a planned approach to your portfolio to minimise tax liabilities.
Mortgage & Protection Specialist, Ian Chetwynd, from HB&O Financial Services, talked through some of the particular challenges and opportunities for those seeking finance for an HMO. The number and choice of lenders available for HMOs is limited, and there are other restrictions in place regarding rental income and number of bedrooms. Ian shared insights on a broad range of solutions available, including limited company lending and bridging loans.
Other speakers included property maintenance experts, Magna Installations and Maintenance, as well as specialists from event organisers, Homemaker Properties.
Neil Allcroft said: “We would like to thank Homemaker Properties for inviting us to take part in this event. We were pleased to be able to offer practical advice and guidance to delegates and discuss current challenges in the sector.”