A platform claims it allows buy to let landlords to set up limited companies within 30 minutes, through which they can they buy investment properties.
GetGround says it’s “the only one-stop-shop for company formation, company management and current accounts in the UK buy to let market.”
Many landlords have switched to company status to optimise their tax positions, although financial experts advise that this strategy is not right for every landlord.
Around 60 per cent of all BTL is now purchased through companies - three times more than in 2016. The number of companies formed for the purpose of BTL investing rose by 23 per cent between 2019 and 2020 to 41,700, according to Hamptons data.
GetGround claims over 3,500 landlords and property investors in 57 countries have registered companies on the platform, for the purpose of buying UK properties collectively worth in excess of £300m.
The firm states that customers can set up UK limited companies entirely online within 30 minutes; GetGround also provides a current account for rental income and expenses, as well as taking care of the day-to-day management of the companies, from company filings and accounting to tax returns.
Founder Moubin Faizullah Khan says: “Our platform directly addresses the demand from these investors to make company BTL investments as straightforward and efficient as they can be. Expensive administration and labyrinthine communication between multiple parties shouldn’t be barriers to property investing. We’ve barely scratched the surface of how critical an all-in-one platform like GetGround is to this vast market.”
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