The couple have recently renovated a shop premises and multi-let accommodation above and have purchased three residential houses for multi-let and domestic tenancy contracts. Profits from these properties will be £45 000 p.a. The current envisaged capital gains on the properties are £45 000 on the houses and possibly up to £100 000 on the shop premises. They hope to purchase more premises with substantial loans being required.
They are considering incorporating the joinery firm in Mr A's name having a joint company for general building work and maintenance; a joint rental company owning the properties now held (with the possible exception of the wife's property?); and in the near future setting up of a property development company to purchase properties for subsequent letting by their own rental company.
It is anticipated that the joinery firm will have three employees the building maintenance firm...
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