Thanks to everyone who joined us for our Property – What Next? seminar run in partnership with Move Property Sales & Lettings; Randall & Payne, Bruton Knowles and Cheltenham Borough Council which attracted over 50 attendees.
Great to have so many people join the meeting.
George Tatham-Losh from Move kick started the meeting with an overview of the current situation in the local region as they start back to work with viewings. He spoke about the fact that people may be looking for different things now in their next purchase – people may be looking at working from home; they may want some outdoor space and private space if looking at flat share etc. so how can yo facilitate that within your home? Rural opportunities potentially a good investment eg. barn conversations. Work on reinstatement value rather than rental yield.
Dominic Stead from Cheltenham Borough Council talked about the local authorities position in economic regeneration and the 227 assets they had within the borough council and how they are focused on maximising the opportunities and ensuring the community benefit. Dominic gave some background into the purchase of the land for what has now become one of the biggest development projects in the country, The Golden Valley Cyber Development and the opportunities regionally for people and businesses and the general importance of cyber globally and how this will benefit Cheltneham. Join us on Monday 1st June to hear more about this important project with Cheltenham Borough Council Managing Director Tim Atkins: https://www.circle2success.com/events/c2s-talks-to-tim-atkins-1st-june-2020/
Rob Case, Tax Partner at Randall & Payne Accountants gave an update on recent tax changes including from 6th April individuals now have to report and pay Capital Gains within 30 days, which is a massive change with a potential impact on cash flow. Recently allowances on claiming capital allowances for structures and buildings in beneficial.
Recently allowances on claiming capital allowances on commercial property for structures and buildings in beneficial. From April 2020 the rate increased to 3% effectively meaning the period of relief accelerated from 50 years to 33 and one third years. You must have paid some or all the costs towards the purchase, construction or renovation of the structure. All construction contracts must have been signed on or after 29 October 2018. Need to have good records.
Lots of discussion going on rental income. everyone allowed to defer July payments to next year and the Revenue are very receptive to talking about tax liabilities at the moment. Every investor slightly different but changes in stamp duty etc have encourage investors to incorporate but easier to put new property in this type of vehicle.
Ownership – personal ownership is simple; own in a partnership; or a Joint Venture. a lot of people looking at companies and how this might benefit and allow some control over when then money is drawn and the tax liability. Could look at Trusts and Family Investment Trusts are the new kid on the block and worth having a look at this.
Dorian Wragg, Bruton Knowles some issues come from Coronavirus, some from Brexit and some longer term issues like decline in retail on the high street. But they have seen some positive and adaptive strategies from business. But the question is the longer term viability and we going to cope. BK exposed to all sectors across the country. People still interested in property and they haven’t lost many property details just slowed down due to lockdown. Lots of work with clients and landlords and looking at how to open properties and make them safe. Over last 7-10 days number of enquires have increased and all steam ahead. Construction opening up again and new sites coming forward. One potential problem could be lack of materials but hopefully they will overcome this. Issues with rent and some difficult discussions are on going. Landlords are largely sympathetic but need to have discussions with landlords and not just not pay the rent.
Move Property Sales & Lettings: George Tatham-Losh email@example.com
Randall & Payne: Rob Case firstname.lastname@example.org
Cheltenham Borough Council: Dominic Stead Dominic.Stead@cheltenham.gov.uk
Bruton Knowles: Dorian Wragg email@example.com
Watch the video of the event: https://vimeo.com/421858482
See pictures from the event: https://www.circle2success.com/photo-gallery/
Please join us on Wednesday 27th May 9am – 10am for a workshop on Office Space facilitated by Abbey Business Interiors & The Senator Group
Read this article for Kate Potter: https://www.circle2success.com/what-is-the-latest-guidance-on-buying-and-selling-houses-during-covid-19/