Promise offers free tax consultation for landlords

The firm is offering a free 15-minute consultation with a tax expert to ensure its introducing brokers do not get drawn into giving advice in an area they are not qualified to advise on.

Steve Walker (pictured), managing director at Promise Specialist Lending, said: “Promise is promoting this new tax advice service as a benefit to our introducing brokers (and their clients) who contact us for specialist buy-to-let first charge and second charge lending as well as more complex commercial deals. Not only does it help brokers avoid getting drawn in to giving tax advice, it is a free add-on service they can offer to existing and new clients.”

Explaining the benefits of the new service to both Promise Specialist Lending and the wider market, he added: “If brokers choose to use our first and second charge packaging services that’s great. However, they can refer their clients for free tax advice if they are placing their business direct with a lender. It’s great for brokers and helps promote the core services available from Promise Specialist Lending.”

Last week a firm called Buy to Let Restructuring launched, seeking to create a commercial opportunity from the next tax changes.

It aims to reduce the burden of looming taxation laws on buy-to-let landlords by setting up a corporate umbrella for a landlord’s existing property portfolio. Brokers referring clients successfully are offered commission by the firm.

Speaking at the time of the launch, co-founder of Buy to Let Restructuring and director of property developer Loftco, Mark Andrews, said: “April 2017 heralds a depressing new dawn for many buy-to-let landlords who have yet to realise the doomsday scenario they have potentially been dealt by the Treasury.”

He added: “Unless awareness about the changes April will bring is generated immediately, followed by swift action on the part of landlords, the industry is facing something of a crisis.”