When Should I Set up a Property Company?

When you set up a limited company this starts the clock ticking on your statutory requirements i.e. the period for which you have to prepare accounts and the confirmation statement. We would tend to recommend that unless you need to make use of a company, that you do not set one up until you have reached that point i.e. when your offer has been accepted on your first property. This will keep any accountancy costs to a minimum and extend the period before you have to prepare your first set of accounts.

New BusinessSometimes the property will not go through due to many reasons such as vendor pulls out, issues identified and you pull out etc. However, when you have a company if you do not use it for a period you may be able to submit dormant accounts for the first period, which keeps the costs down for the period where nothing has happened.