Just remember that you lose the edited shared files "locked" capability with Dropbox/cloud drives vs a local network drive. So you will need to manage reconciliation events if the same file is edited by two different people at the same time (this happens rarely, but still needs to be managed).
Also, I **strongly** recommend Boxcryptor/other encryption toolset for Dropbox data files. Esp with files that are deemed sensitive under GDPR.
- A stolen laptop/home PC with this data and no drive/file encryption is a mandatory ICO reportable event + fine...
- Additionally, you do not need to worry if Dropbox gets hacked as the encryption keys are under your control.
This is what I have set up for a financial firm and an estate agent last year - no major problems reported so far and they also like Dropbox.
Ah yes, but the Synology server can give you this kind of access as well. (google Synology Cloud Station).
Again, this is all inbuilt into the server software for no additional cost. Security setup for this is another matter and I would recommend an IT person go over the setup to make sure that you understand the security profile you end up running with...
The problem with Dropbox is that the files are not encrypted once they arrive at the target PC/Laptop.
This gets more complicated if multiple users access the same PC with different credentials as it's possible to access files for another user and thus sensitive files can be accessed. This is a key point for users who have a laptop at home and a junior/partner has access to it as well.
Additionally the security keys (for data transferred to Dropbox) are controlled by Dropbox (not recommended for GDPR sensitive docs).
These Dropbox security issues can be solved by using an additional encryption product such as Boxcryptor alongside Dropbox to contain this risk.
---------------
So I have discussed Dropbox, but as a technology specialist, I should really ask if you ***need*** a cloud storage solution? Why not consider a solution such as a Synology server + some USB drives for backup? It's a lot cheaper in the long term and the data stays under your control.... Synology have some really cool free software for these servers such as dropbox like syncing with the server and the ability to recover historical changes on backed up files.
I set this up for an accountancy client last month...
There are two primary reasons for this (off the top of my head):
1) A significant amount of lenders will only lend to companies that are SPVs with the correct SIC code.
2) Is the company a trading company or an investment company? There is tax implications here and thus creating an SPV (with an investment purpose) and lending to it from a trading company can make sense.
I am by no means an expert in this area, but even I remember something about buy to let interest tax relief being restricted not long ago. Not to mention the complexity of connected companies.
This restriction is only valid for BTL assets held personally. A limited company is not affected by this restriction.
Three things to consider -
1) You need immediate advice from a tax adviser - one who has experience of US/overseas working tax rules.
2) Legal risk - If you are working as a "consultant" to a US legal entity, you WILL need good professional indemnity insurance that covers US clients. This costs 4 figures and cannot be ignored (say £6000 as a rough guideline). As an aside, global cover that excludes US is less than £1000 to give you a comparison.
3) The IRS - the US tax rules are horrible and globally encompassing - if you are working for a US entity as an employee, you may end up paying income tax here and in the US.
Get professional advice right now and don't cut the corners. Spending a few hundred quid now will save you thousands/tens of thousands in the long run.
I second the Synology NAS. We use two - primary file server and a second that is a remote backup + keeps change history on file.
- Remote access to files is pretty good as well.
- Encryption is now easy to setup.
- You only pay the cost of the Units + disks. The rest is free and supported with Synology updates.
The only way to answer this question is to use Google to find the GOV.UK SDLT calculator - it's available, it's free and I suspect that for your case, accurate...
My answers
Just remember that you lose the edited shared files "locked" capability with Dropbox/cloud drives vs a local network drive. So you will need to manage reconciliation events if the same file is edited by two different people at the same time (this happens rarely, but still needs to be managed).
Also, I **strongly** recommend Boxcryptor/other encryption toolset for Dropbox data files. Esp with files that are deemed sensitive under GDPR.
- A stolen laptop/home PC with this data and no drive/file encryption is a mandatory ICO reportable event + fine...
- Additionally, you do not need to worry if Dropbox gets hacked as the encryption keys are under your control.
This is what I have set up for a financial firm and an estate agent last year - no major problems reported so far and they also like Dropbox.
Ah yes, but the Synology server can give you this kind of access as well. (google Synology Cloud Station).
Again, this is all inbuilt into the server software for no additional cost. Security setup for this is another matter and I would recommend an IT person go over the setup to make sure that you understand the security profile you end up running with...
The problem with Dropbox is that the files are not encrypted once they arrive at the target PC/Laptop.
This gets more complicated if multiple users access the same PC with different credentials as it's possible to access files for another user and thus sensitive files can be accessed. This is a key point for users who have a laptop at home and a junior/partner has access to it as well.
Additionally the security keys (for data transferred to Dropbox) are controlled by Dropbox (not recommended for GDPR sensitive docs).
These Dropbox security issues can be solved by using an additional encryption product such as Boxcryptor alongside Dropbox to contain this risk.
---------------
So I have discussed Dropbox, but as a technology specialist, I should really ask if you ***need*** a cloud storage solution? Why not consider a solution such as a Synology server + some USB drives for backup? It's a lot cheaper in the long term and the data stays under your control.... Synology have some really cool free software for these servers such as dropbox like syncing with the server and the ability to recover historical changes on backed up files.
I set this up for an accountancy client last month...
See here re SIC codes for SPVs (first example I came across) - https://bespokefinance.info/insight/13-limited-company-buy-to-let-faq
Ltd Co BTL guide from Fleet Mortgages:
https://www.fleetmortgages.co.uk/wp-content/uploads/2018/05/Limited-Comp...
etc... etc... do you want more examples?
There are two primary reasons for this (off the top of my head):
1) A significant amount of lenders will only lend to companies that are SPVs with the correct SIC code.
2) Is the company a trading company or an investment company? There is tax implications here and thus creating an SPV (with an investment purpose) and lending to it from a trading company can make sense.
This restriction is only valid for BTL assets held personally. A limited company is not affected by this restriction.
re why SPVs? - A lot of BTL lenders will only lend to corporate entities that are SPVs (with the correct SIC code).
Three things to consider -
1) You need immediate advice from a tax adviser - one who has experience of US/overseas working tax rules.
2) Legal risk - If you are working as a "consultant" to a US legal entity, you WILL need good professional indemnity insurance that covers US clients. This costs 4 figures and cannot be ignored (say £6000 as a rough guideline). As an aside, global cover that excludes US is less than £1000 to give you a comparison.
3) The IRS - the US tax rules are horrible and globally encompassing - if you are working for a US entity as an employee, you may end up paying income tax here and in the US.
Get professional advice right now and don't cut the corners. Spending a few hundred quid now will save you thousands/tens of thousands in the long run.
I hope this helps,
S. (an owner of a small IT consultancy firm)
I second the Synology NAS. We use two - primary file server and a second that is a remote backup + keeps change history on file.
- Remote access to files is pretty good as well.
- Encryption is now easy to setup.
- You only pay the cost of the Units + disks. The rest is free and supported with Synology updates.
The only way to answer this question is to use Google to find the GOV.UK SDLT calculator - it's available, it's free and I suspect that for your case, accurate...
https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro