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FHL Partnership

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I have a client that runs a shop as as soletrader with turnover just below the VAT threshold.

He wants to invest in a FHL to avoid registering for VAT I have advised that he sets this up as a partnership with his partner

He has informed me that his partner will not be on the mortgage as she has credit problems

This doesnt matter in terms of  it being a partnership does it?

I have advised him to make sure the business account is in joint names 

 

Thanks in advance for anyone able to help with my paranoia 

 

Jonathan

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By Duggimon
24th Oct 2018 16:28

"He wants to invest in a FHL to avoid registering for VAT I have advised that he sets this up as a partnership with his partner"

I don't understand this sentence, there's punctuation missing that would convey your meaning. Is it your client or you that thinks the partnership is required in order to avoid the requirement to register for VAT?

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By jonibarnes
24th Oct 2018 16:54

sorry

shop is a sole trade

FHL - I have advised him it should be a partnership - therefore a separate entity from the shop

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By Constantly Confused
24th Oct 2018 17:13

Is the property opted to tax?

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By lionofludesch
24th Oct 2018 17:53

Constantly Confused wrote:

Is the property opted to tax?

Opted to tax ?

Holiday lets wouldn't be exempt.

Who owns the property ? Whose name is on the deeds ?

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