In this content-packed episode, Shaz explains what everyone should know before they start a commercial conversion.

Lots of people miss out capital allowances because they don’t know what they can claim so it’s vital you seek the advice of an expert tax specialist so that you know exactly what you can claim in capital allowances.

Commercial conversions can be a great area to get into as a property developer and Shaz shares great advice and tips about how to get the best out any project by starting off with the right information.

 

KEY TAKEAWAYS

• If a person in the past has claimed tax on a refurbishment then they will need to charge you VAT when you purchase.
• If you are converting from commercial to residential they can accept a VAT 1614D from you meaning you don’t pay VAT.
• If you are paying VAT on a transaction you will also be paying stamp duty and land tax on the figure.
• When you are buying commercial property make sure you speak to a tax specialist to ensure you claim all the capital allowances due.
• If you are buying through a limited company you will need to carry out due diligence and there is a cost involved with this.
• If you are buying a property within a limited company you need to seek expert advice about property base cost and future tax.

 

BEST MOMENTS

‘Many people miss out on capital allowances because they are not advised about them’

If you are buying the shares of a company make sure you factor in the base cost of the property’

‘Always seek advice from a tax expert to make sure you claim all capital allowances due’

 

VALUABLE RESOURCES

[email protected]

 

ABOUT THE HOST

Shaz Nawaz is a serial entrepreneur; he owns five thriving businesses in diverse sectors.

Shaz is committed to helping business owners build successful businesses. Having conducted over 3,000 business growth consultation he has helped his clients generate millions in additional profits. His purpose is to inspire business owners to build businesses that are hugely profitable and sustainable.

He is a huge advocate of having multiple streams of income. He has written a number of business books and regularly contributes articles to mainstream media outlets.

You can find Shaz on:

•   Facebook
•   LinkedIn
•   Instagram
•   YouTube.

 

 

 

 

 

 

 

 

Shaz begins a new and invaluable series this week with the first episode in money management, getting to grips with budgeting and making it part of your life as a good habit.

Most people don’t like talking about money, have hang-ups or issues around money but you need to become a student of money because it’s only when you understand it that you can make it work for you.

Many people live their lives without a budget not knowing what they are spending every month but budgeting enables you to have money for what you need and Shaz shares exactly how to get started making budgeting part of your routine, creating a positive habit that will make a difference.

 

KEY TAKEAWAYS

• Budgeting enables you to have money for what you need
• Your budget will change month to month due to birthdays and one-off payments.
• You need to be disciplined to make sure you stick to the budget you have set for yourself.
• Have an emergency fund, an amount equating to around 6 months of living costs.
• Small incidentals can add up to far more than you perceive, keep track of what you spend as the amount it adds up to can be an incentive to budget better.
• When creating your monthly budget don’t remove all the fun things as it will make it very difficult to stick to.
• You have to create a budget with others in your household so that expectations are clear for everyone.
• Remember to include tax in your budgeting, ideally put the money away in a different account and then it’s ready when you need to make the payment.
• A good budget will be around 60% on monthly expenditure, 10% on investments, 10% to your emergency fund, 5% to charity and 10% on lifelong learning.
• Make a start on monthly budgeting and you will find it quickly becomes a good habit.

 

BEST MOMENTS

‘The more you do it the better you will get at it’

‘Shop around for the best-priced deals particularly with bigger purchases, this can easily be done online’

‘We live in a world where everyone wants everything now’

 

VALUABLE RESOURCES

[email protected]

 

ABOUT THE HOST

Shaz Nawaz is a serial entrepreneur; he owns five thriving businesses in diverse sectors.

Shaz is committed to helping business owners build successful businesses. Having conducted over 3,000 business growth consultation he has helped his clients generate millions in additional profits. His purpose is to inspire business owners to build businesses that are hugely profitable and sustainable.

He is a huge advocate of having multiple streams of income. He has written a number of business books and regularly contributes articles to mainstream media outlets.

You can find Shaz on:

•   Facebook
•   LinkedIn
•   Instagram
•   YouTube.

In this, in-depth episode Shaz looks at what makes a business successful and what you should look for and do if you are starting or buying a business.

It is a fact that being trained and holding qualifications in a particular area doesn’t make you the right person to run a business in that sector but all businesses have shared elements and if you understand what these are, what your values are and how to build the right team then you can be the person who is running multiple successful businesses.

 

KEY TAKEAWAYS

• If you can get the marketing right you can run any type of business.
• Schedule the day to achieve more and ensure you are focused and have the right team in place so that you can delegate effectively.
• The more successful you become the more money you have available to invest in new projects and using your own money means you have control.
• All businesses are the same it’s only the way individuals choose to run them that varies.
• You need to look at both the upside and the downsides of a business.
• To scale effectively look at how the business can be multiplied to create additional units.
• If you have been successful with a business then look for other businesses in the same sector that you can buy and make successful.
• If you can think creatively then you can always find opportunities to add value to a business.
• Do the numbers for a new business but be aware this is not the only thing to take into account.
• You’ve got to love and be passionate about your business but you don’t have to be passionate about all of the sector.
• You should always create your businesses so that they are in a position to be sold. This is about your businesses being able to continue even if you are not there.
• When you are buying a business have key parameters and always do your due diligence.

 

BEST MOMENTS

‘People don’t pay enough attention or spend enough on marketing’

‘The busier you become in business the more focused you become’

‘Passion can only take you so far, it’s your values that can take you all the way’

 

VALUABLE RESOURCES

[email protected]

 

ABOUT THE HOST

Shaz Nawaz is a serial entrepreneur; he owns five thriving businesses in diverse sectors.

Shaz is committed to helping business owners build successful businesses. Having conducted over 3,000 business growth consultation he has helped his clients generate millions in additional profits. His purpose is to inspire business owners to build businesses that are hugely profitable and sustainable.

He is a huge advocate of having multiple streams of income. He has written a number of business books and regularly contributes articles to mainstream media outlets.

You can find Shaz on:

•   Facebook
•   LinkedIn
•   Instagram
•   YouTube.

 

 

 

 

 

 

 

 

 

 

 

 

In this episode, Shaz answers the question every individual and business owner wants to know the answer to ‘What leads to a tax enquiry?’

HMRC haven’t ever made it clear and say it’s a random selection process but that’s not the way they do things and the majority of tax enquiries are initiated because of numbers and patterns not adding up.

Shaz explains exactly what triggers an enquiry and shares great information on what to do if you are involved in a tax enquiry because you don’t have to give them everything and anything they request.

 

KEY TAKEAWAYS

• Filing a late tax return regularly means it will be highly likely you will be subject to a tax enquiry.
• If you pay your taxes late this identifies you are a higher risk.
• Somebody tips HMRC off about things, these may or may not be true but it’s likely to result in an enquiry.
• HMRC can access your credit file and look at the number of credit cards and loans you have, cross-referencing this with the information you have submitted to them.
• Sometimes mortgage lenders will tip-off HMRC if the figures don’t add up.
• You may get caught up in someone else’s tax enquiry and this could lead to a tax enquiry for you.
• Never lie during an enquiry, HMRC inspectors will give higher penalties if you do.
• When you are asked to attend a meeting, you can choose not to attend.
• If you decide to meet with them request a detailed agenda and timings for the meeting.
• HMRC can ask for personal bank statements but challenge this.
• They are entitled to ask for information reasonably required – ask them to justify why they require certain information.
• Don’t give them everything and anything they ask for.

 

BEST MOMENTS

‘Submit tax returns on time to avoid penalties and an enquiry’

‘Mistakes and patterns that don’t add up result in tax enquiries’

‘HMRC raise around 30 billion pounds per year through compliance checks’

 

VALUABLE RESOURCES

[email protected]

 

ABOUT THE HOST

Shaz Nawaz is a serial entrepreneur; he owns five thriving businesses in diverse sectors.

Shaz is committed to helping business owners build successful businesses. Having conducted over 3,000 business growth consultation he has helped his clients generate millions in additional profits. His purpose is to inspire business owners to build businesses that are hugely profitable and sustainable.

He is a huge advocate of having multiple streams of income. He has written a number of business books and regularly contributes articles to mainstream media outlets.

You can find Shaz on:

•   Facebook
•   LinkedIn
•   Instagram
•   YouTube.

Shaz talks all things tax relief in this online presentation. He shares how he has made savings himself with examples from his own property development projects and answers questions about the best ways to purchase property either solo, with a partner or in a limited partnership.

The questions are wide-ranging and Shaz includes great advice on how to save tax and claim tax relief if you are a business owner.

It can be very easy for people to miss out on tax relief simply because they don’t know how to structure or what to claim but this is a great opportunity for any business owner to start thinking about what you could claim.

 

KEY TAKEAWAYS

• If you are looking to do a commercial conversion to claim the VAT complete and file a VAT164OD this identifies you are changing to commercial.
• When you obtain planning there is an uplift in value and moving the property from a partnership to a limited company means that in the future you sell the property you will reduce your capital gains tax on the asset.
• You can claim land remediation relief when you have to remove hazardous materials such as asbestos.
• Gifting use of a property to a charity will mean they become liable for business rates, but they are able to claim back this cost.
• You can claim additional capital allowances for new fittings when you are creating serviced accommodation units.
• If you move properties into a limited company you are only liable for corporation tax on the balance of the profits.
• People should explore different business structures dependent on the project they are completing.

 

BEST MOMENTS

‘We were able to save over £100,000 in tax relief through smart thinking’

‘A limited liability partnership is the same as a standard partnership with the bonus of limited liability ‘

‘If you own property in your own name you are not a sole trader’

 

VALUABLE RESOURCES

[email protected]

 

ABOUT THE HOST

Shaz Nawaz is a serial entrepreneur; he owns five thriving businesses in diverse sectors.

Shaz is committed to helping business owners build successful businesses. Having conducted over 3,000 business growth consultation he has helped his clients generate millions in additional profits. His purpose is to inspire business owners to build businesses that are hugely profitable and sustainable.

He is a huge advocate of having multiple streams of income. He has written a number of business books and regularly contributes articles to mainstream media outlets.

You can find Shaz on:

•   Facebook
•   LinkedIn
•   Instagram
•   YouTube.

Shaz talks though a range of his current projects and the varying ways he is making savings and claiming tax relief. He also explains the most common areas of tax relief that are missed by businesses from getting the company structure right through to purchasing an electric car and land remediation relief if you find Japanese knotweed and asbestos.

These great tax advice takeaways will help any business owner to start asking the questions that can make tax savings.

 

KEY TAKEAWAYS

Consider the best company structure for purchasing property- it could be in a partnership, limited liability partnership, a limited company or a group structure.

The choice of structure should be decided based on the property, financing and who you are doing the deal with.

When you form a limited company its beneficial to have ‘alphabet shares’ meaning they can be assigned more easily to various people.

A small self-administered pension scheme gives you flexibility and provides for the future.

Capital allowances – there are many fixtures and fittings in a building which qualify for capital allowances

Further capital allowances can be claimed when you are refurbishing for serviced accommodation.

If land is contaminated you can claim land remediation relief.

Forward plan for your taxes if you want to save money.

BEST MOMENTS

‘Do not miss out on capital allowances’

‘An electric company car will mean no tax payable on it this year and only 1% next year’

‘Investors often buy in their own name without considering the company structure options’

 

VALUABLE RESOURCES

[email protected]

 

ABOUT THE HOST

Shaz Nawaz is a serial entrepreneur; he owns five thriving businesses in diverse sectors.

Shaz is committed to helping business owners build successful businesses. Having conducted over 3,000 business growth consultation he has helped his clients generate millions in additional profits. His purpose is to inspire business owners to build businesses that are hugely profitable and sustainable.

He is a huge advocate of having multiple streams of income. He has written a number of business books and regularly contributes articles to mainstream media outlets.

You can find Shaz on:

·        Facebook

·        LinkedIn

·        Instagram

·        YouTube.

In this fourth episode in the mini-series looking at the question everyone is asking;

‘Is the property market going to crash?’

Shaz reviews why the economists think a downturn is possible,  sharing not only the facts but his expert opinion based on the information and data available. This is a great opportunity to not only hear the key facts in one place but also the views of someone with considerable experience and expertise in the property market.

 

KEY TAKEAWAYS

• The economic cycle is around 18 years and we are currently 7 years into a cycle.
• Both Brexit and COVID are causing issues at a time in the cycle when it’s anticipated there will be a correction.
• Due to COVID 19 unemployment has increased and there are more people who are financially unstable
• It is argued that a predictor of a crash is when mortgage payments are more than 45% of household income
• The bounce-back loan and the Coronavirus interruption loan have helped to keep interest rates low.
• Housing charities estimate that 200,000 tenants have slipped into arrears and it’s expected that this number will increase when furlough finishes.
• There needs to be more social housing and if housing becomes unaffordable then prices will drop.
• The lockdown has caused many to re-evaluate what they want from life and currently, houses are selling well.
• It’s looking very similar to where we were in 2008 and it has been predicted that house prices could fall by 20%.
• I think the climate and situation will see prices will drop significantly in 2021.

 

BEST MOMENTS

‘Mortgage or rent payments are a significant amount of any person’s budget’

‘First time buyers outside of London are already finding it hard to buy property’

‘There needs to be more social housing’

 

VALUABLE RESOURCES

[email protected]

 

ABOUT THE HOST

Shaz Nawaz is a serial entrepreneur; he owns five thriving businesses in diverse sectors.

Shaz is committed to helping business owners build successful businesses. Having conducted over 3,000 business growth consultation he has helped his clients generate millions in additional profits. His purpose is to inspire business owners to build businesses that are hugely profitable and sustainable.

He is a huge advocate of having multiple streams of income. He has written a number of business books and regularly contributes articles to mainstream media outlets.

You can find Shaz on:

•   Facebook
•   LinkedIn
•   Instagram
•   YouTube.

 

 

 

 

In this third episode in the mini-series looking at the question everyone is asking;

‘Is the property market going to crash?’

Shaz reviews the economic cycle and what has happened previously when the market has crashed,  sharing not only the facts but his expert opinion based on the information and data available. This is a great opportunity to not only hear the key facts in one place but also the views of someone with considerable experience and expertise in the property market.

 

KEY TAKEAWAYS

• In the 2008 recession, the average value of UK property fell by 20% and it took the next 6 years for values to reach pre-crash levels
• Prior to the crash 100% mortgages were commonplace.
• Along with vendor paid deposits.
• In the late eighties, there was a housing market crash alongside a recession.
• Issues with joining ERM saw interest rates raised to 15%
• House prices fell 36% at that time with over a million people in negative equity.
• Lifting the restrictions on personal lending helped to bring things to an end.
• Depending on if we can find a vaccine there will be a lowering of house prices in the first quarter of next year.

 

BEST MOMENTS

‘The house price to income ratio was 7.16 in 2007 and fell to 6.35 by 2009’

‘Once furlough ends unemployment will go up ‘

 

VALUABLE RESOURCES

[email protected]

 

ABOUT THE HOST

Shaz Nawaz is a serial entrepreneur; he owns five thriving businesses in diverse sectors.

Shaz is committed to helping business owners build successful businesses. Having conducted over 3,000 business growth consultation he has helped his clients generate millions in additional profits. His purpose is to inspire business owners to build businesses that are hugely profitable and sustainable.

He is a huge advocate of having multiple streams of income. He has written a number of business books and regularly contributes articles to mainstream media outlets.

You can find Shaz on:

•   Facebook
•   LinkedIn
•   Instagram
•   YouTube.

 

 

 

 

 

In this second episode in the mini-series looking at the question everyone is asking;

‘Is the property market going to crash?’

Shaz reviews what’s happening currently with the rental market looking at supply and demand and sharing not only the facts but his expert opinion based on the information and data available. This is a great opportunity to not only hear the key facts in one place but also the views of someone with considerable experience and expertise in the property market.

  

KEY TAKEAWAYS

• Over a third of the UK population are renters.
• 101,000 properties were available to rent across the UK.
• The average rent of £985 per month increased by over 2% in the last 4 weeks.
• Demand is predicted to fall so properties may be empty
• With higher unemployment, some of those people will be renters and may be unable to pay their rent.
• Demand for prospective tenants is lower now than in February.
• Many Airbnb serviced apartments are being put back  into the short term letting market
• Demand is reducing, furlough is ending, eviction periods are extended
• There is tension in the market place but it’s likely there will be a dip in the first quarter of next year.

 

BEST MOMENTS

‘Those with Airbnb apartments have been finding it really challenging’

‘The most important question is; ‘where are we in terms of supply and demand?’

 

VALUABLE RESOURCES

[email protected]

 

ABOUT THE HOST

Shaz Nawaz is a serial entrepreneur; he owns five thriving businesses in diverse sectors.

Shaz is committed to helping business owners build successful businesses. Having conducted over 3,000 business growth consultation he has helped his clients generate millions in additional profits. His purpose is to inspire business owners to build businesses that are hugely profitable and sustainable.

He is a huge advocate of having multiple streams of income. He has written a number of business books and regularly contributes articles to mainstream media outlets.

You can find Shaz on:

•   Facebook
•   LinkedIn
•   Instagram
•   YouTube.

 

 

 

 

 

In this first episode in the mini-series looking at the question everyone is asking;

‘Is the property market going to crash?’

Shaz reviews where we are at currently, at this moment in time,  sharing not only the facts but his expert opinion based on the information and data available. This is a great opportunity to not only hear the key facts in one place but also the views of someone with considerable experience and expertise in the property market.

 

KEY TAKEAWAYS

• According to the Nationwide ‘house prices are at an all-time high’
• September saw the biggest monthly rise in the last 16 years.
• Houses are selling really fast for asking price and above.
• The average time to sell a house currently is 27 days which indicates how quickly the market is moving.
• There are less new houses available at the moment due to the lockdown stopping work.
• You are going to have to pay higher interest if you have a smaller deposit.
• The choice of lenders for those with a 10% deposit is now far less than before COVID
• 8 million mortgage holidays were taken up.
• Stamp duty land tax is in place until the end of March 2021 and has supported and incentivised the property market

 

BEST MOMENTS

‘Some are nervous about buying and others have money to invest’

‘The help to buy has been extended by 2 months’

‘Things are starting to change’

 

VALUABLE RESOURCES

[email protected]

 

ABOUT THE HOST

Shaz Nawaz is a serial entrepreneur; he owns five thriving businesses in diverse sectors.

Shaz is committed to helping business owners build successful businesses. Having conducted over 3,000 business growth consultation he has helped his clients generate millions in additional profits. His purpose is to inspire business owners to build businesses that are hugely profitable and sustainable.

He is a huge advocate of having multiple streams of income. He has written a number of business books and regularly contributes articles to mainstream media outlets.

You can find Shaz on:

•   Facebook
•   LinkedIn
•   Instagram
•   YouTube.