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Tony Gimple
Tony Gimple
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About Me

Tony Gimple has a varied and interesting background with experience gained in Loss Adjusting, the Military, Financial Services, Consulting, Insurance Broking and Law. He has worked for leading companies including Legal & General, American Express, Towergate, Chancery Law Group and Bowling & Co Solicitors (a Leading Legal 500 firm where he was Estate Planning Director).

He has a wide range of cross-sector executive experience as well as being the subject of a Cranfield MBA thesis on entrepreneurship. An active networker with many high-level contacts, is an accomplished public speaker and has written for professional publications and national newspapers, often being asked for comment as a thought leader.

A natural leader, organiser and communicator, Tony is known for his creative and original freethinking and his ability to motivate and mobilise people to achieve their goals.

my expertise in the industry

Less Tax for Landlords is a specialist multi-disciplinary consultancy that helps portfolio landlords maximise the commercial benefits of building, running, and growing a recognised professional property business.

Tony's Recent Activity

Tony Gimple
Landlord Incorporation – Out of the frying pan and into the Fire! For the vast majority of landlords, the transfer to a limited company will prove to be a very expensive mistake. Sadly though, their not being told the real position as outlined below. The transactional costs The value of your time to one side, moving from being a private landlord to a corporate one will incur you in the following costs: - • CGT and SDLT if you don’t qualify for S162 Incorporation Relief (you won’t know until it’s too late) • Early redemption charges • Brokers fees • Lenders fees • Legal fees • Loss cannot be carried forward Whilst not in themselves direct transactional costs, being a commercial borrower impacts you in the following ways: - • Significantly reduced choice of lenders and higher interest rates; the majority won’t lend to limited companies, and none are keen on BICTs as they fundamentally weaken their ability to pursue the debt. • Lenders will mostly require full personal guarantees on a joint & several basis from all the directors and shareholders (if the company goes bust you remain responsible for the debt). • Lenders will take a debenture (legal charge) over the company’s balance sheet, which restricts your ability to make best use of your director’s loan account if at all. • You’re tied in to the first lender and their appetite for further lending, if any, meaning that each new acquisition or remortgage may need a new lender and a new company if your existing lender isn’t interested. • If property prices fall thereby increasing the loan to value beyond the point to which the lender originally agreed, you’ll have to find the cash difference • Restrictions on what you can borrow for i.e. remortgage to fund lifestyle. The tax position Limited Companies and the individuals within them are taxed up to seven different ways: - • Corporation Tax (19% falling to 17%, but could be uplifted for ‘property/investment’ companies, as CGT was for individuals) • Capital Gains Tax on personal withdraws of capital resulting from selling assets (10%, 18%, 28%) • Directors Loan Account Tax (32.5%) • Dividend Tax (7.5%, 32.5%, and 38.1%) • Income Tax (20%, 40%, 45%, and 60% on the slice between £100,000 and £123,000) • Employees and Employers NIC (12% and 13.8% respectively) • Inheritance Tax (40% - ‘investment’ companies, i.e. those that hold residential property for 12-months or more for the sole purpose of collecting rents, are fully subject to IHT)

From: Tony Gimple 15 March 2018 08:38 AM

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