Philistine:


Kindly show me the way Sir. Can I send you a PM?

brother it’s astral magic, all these global elites including Nigerian elites are operating on that god electromagnetic frequency. You have to find a way to tap into that god frequency through astral magic. Certain houses like the Phoenix house Scorpio are god frequency houses in transition meaning wealth transfer. You try to do astral magic in this god frequency houses that would trigger the wealth transfer frequency. Then these elites would be drawn to your aura after the ritual and would invite you to join their secret societies like say freemasonry. When there they would give you say a 20 million dollar contract to execute a project, you find someone else to do it for 10 million and you pocket 10 million dollars. That’s how we rolling. Million dollar Biness

I now understand why you always condemn
the UK because you are now part of the few in Naija that takes the money that should be spent on infrastucture for millions of people and eat it all alone. How can you get a 20 million contracts and gain 10 million without doing anything. Is that not robbery without gun?

You now want Nigerians to wait back in Naija and Lord it over them after stealing their money. You need people that will be be saying yesir to you. It is really very clear. Astral magic indeed!!

sukkot:
brother it’s astral magic, all these global elites including Nigerian elites are operating on that god electromagnetic frequency. You have to find a way to tap into that god frequency through astral magic. Certain houses like the Phoenix house Scorpio are god frequency houses in transition meaning wealth transfer. You try to do astral magic in this god frequency houses that would trigger the wealth transfer frequency. Then these elites would be drawn to your aura after the ritual and would invite you to join their secret societies like say freemasonry. When there they would give you say a 20 million dollar contract to execute a project, you find someone else to do it for 10 million and you pocket 10 million dollars. That’s how we rolling. Million dollar Biness

dupyshoo:
I now understand why you always condemn
the UK because you are now part of the few in Naija that takes the money that should be spend on infrastucture for millions of people and eat it all alone. How can you get a 20 million contracts and gain 10 million without doing anything. Is that now robbery without gun?

You now want Nigerians to wait back in Naija and Lord it over them after stealing their money. You need people that will be be saying yesir to you. It is really very clear

or i may be trolling

I sincerely hope so

sukkot:
or i may be trolling

okuta007:


i live in the USA and since i fled Nigeria 🇳🇬 I am NOT demanding from others what i could not give -

Bless your soul for this comment, I often smile at Nigerians in diaspora dissing their homeland from afar. The whites didn't run to Africa or Asia before civilisation. They stayed in their country to build what we all want presently.

Guruindahouse:
Yes, i got it. A Nigerian guy was fined in Sweden .This was not a hearsay. He was my buddy. The guy bought Mercedes Benz(65k euro) to run his business but the car has only 1800 km mileage after 2years. Meanwhile he has been using his old car all along for the business. They monitored my car for close to 3 years before tax office attacked him with queries. His Permanent Residence has been cancelled to ordinary residence permit.

Wahalaa

sukkot:
i am sure you have heard about Essex girls ? These beautiful white women who like getting doled up . Well all the clubs to get Essex girls back then WAs in ilford. That’s the draw. Essex girls

Whilst there is the Essex girl trope typified by girls like the late Jade Goody and the TOWIE girls, at no point do I ever recall seeing Ilford/barking listed as somewhere you'd find the typical Essex lass. But I'll be the first to admit I do/did not follow popular culture.

But what I DO know is both areas you class as your stomping ground suffer very levels of deprivation, little investment in the areas with a majority ethnic minority/ immigrant population and high levels of crime.

There's no shade here, real honest hard working people live there with their families and go about their business. But what I disagree with is you hyping up a place that is KNOWN to be deprived simply because you claim to have hung out there. A place that no-one you claim to be in league with will ever step their prada clad foot. A place where the economic reality is different from the rich.

All of which leads me to conclude you either share the same economic reality with the residents of ilford and barking and not the Otedolas ( don't hear of DJ cuppa hanging out there) or you truly have no clue about what you are chatting and is clout chasing lying to the entire NL.

Difference between you and I is that I have never had the need for several alternates through the years- just the one. So trawl away and see if you can find inconsistencies in what I say about myself. The personal shopper post was about 10 years ago, possibly more when I was on mat leave.

Secondly, whilst you have had people popping up on here vouching for your words, so far what they say is based on what you have yourself have told told ONLINE and not based on their knowledge of you in the real world.

I'll tell you something funny. My brother is a NLander. But before he joined, he read some of my posts and called me up asking " are you shabebaby on NL"? That should tell you that anyone who knows me IRL would identify me by words on here even if it's anonymous site. Why? Because unlike you, there are no lies in what i write.

sukkot:
listen you and i exist in totally different worlds. to you, owning a house and wasting away in the uk is achievement. i am on a dangote, otedola trajectory. billionaires making it in naija and living in naija as first class citizens

Tell the Chinese, Arab and Russian ( pre Ukraine) billioniares that owning properties in the UK is not an achievement/ worthy investment.

Sukkot the ex-locum, marriage counsellor and now business guru, cooling his heels in naij after balling with billionaires on the streets of Ilford and Barking 😂😂

sukkot:
there are many established billion naira companies who offer this service. just how much business did you think you can get on nairaland offering this service ? if you are lucky maybe one buyer a month ? can you live on that ? i put it to you that you are on universal credit and living in a council house at southend . too many liars on this forum . am tired

You really have no clue do you.

When was that post made? What year?

How many people offered such services back then?

How prevalent was e-commerce then? Insta? Worldwide shipping from online stores? How many competitors did PayPal have? Were nigerian bank cards accepted on international shopping platforms with ease? Even today, how easy is it?

If it was such a dumb idea, how come there are these companies NOW who have made billions from the SAME idea?

You are a bit slow aren't you?

shaybebaby:

Tell the Chinese, Arab and Russian ( pre Ukraine) billioniares that owning properties in the UK is not an achievement/ worthy investment.

Sukkot the ex-locum, marriage counsellor and now business guru, cooling his heels in naij after balling with billionaires on the streets of Ilford and Barking 😂😂

ITS being an interesting life, what can i tell ya

Top of the morning to you shaybebaby

sukkot:
ITS being an interesting life dream, what can i tell ya

Top of the morning to you shaybebaby

Time to wake up. Good morning.

shaybebaby:

Time to wake up. Good morning.

being up since 5 am myself

shaybebaby:

You really have no clue do you.

When was that post made? What year?

How many people offered such services back then?

How prevalent was e-commerce then? Insta? Worldwide shipping from online stores? How many competitors did PayPal have? Were nigerian bank cards accepted on international shopping platforms with ease? Even today, how easy is it?

If it was such a dumb idea, how come there are these companies NOW who have made billions from the SAME idea?

You are a bit slow aren't you?

well listen since we are on good terms now I would not dissect your business practices. Let’s move on from the negativity 😄

sukkot:
well listen since we are on good terms now I would not dissect your business practices. Let’s move on from the negativity 😄

Please dissect away because it kind of feeds into the purpose of the thread. A discussion on the realities of immigrating to the UK. Money must be made, so debunking or discussing it will provide food for thought to potential japarians thinking of investing their life's worth on the venture.

What ROI can they expect, how can they achieve any and what should the thought process be?

I was never at odds with you, I just didn't the like the one dimensional input you submitted so far. SOME of what you say is true, people working in menial jobs "cleaning oyinbo yansh" as you put it, is true. But SOME don't. Give both sides.

SirTee's claims on Corp expenses as a way to reduce tax bill is true. I'm not not sure what the Corp tax rate is now but I do know that there are allowable expenses under tax with things like buildings and cars capitalised except you can prove that at the point of purchase, it needed to be made fit for purpose for the use of the business and therefore required additional work, then you can claim the entire cost as an operating expenditure not a capital one.

So let's clarify some ignorant claims here since some people dont understand how the tax system works though they claim to live in developed countries.
some people came here and said its illegal to claim expenses as a business owner. Some said its a crime to purchase property under a company or clain expenses from such property.
So lets look at what the experts say. Is it illegal? is it tax evasion? is allowable expense approved by government- what are these expenses?
What are the pros and cons?
@ livingstone2013 @ Treadway @ Guruindahouse

CAN I BUY PROPERTY THROUGH MY LIMITED COMPANY?

If you are a business owner, contractor or an independent professional operating through a limited company, you may have considered buying property through your business. In recent years, there has been a substantial move towards buying property through limited companies. Although you can purchase property through a limited company, it is vital to look at the benefits and drawbacks before making this decision.



What are the benefits of buying property through a limited company?

A significant benefit is the tax treatment of profits. For private landlords, profits from rental income are taxed via income alongside your other earnings.(likely at 40% depending on your total earnings) However, if you choose to buy property through a limited company, the profit you make will be liable to corporation tax instead, which is currently 19%. (it will be 25% from next year) Therefore, if you are a higher rate taxpayer, you would be set to make large tax savings by purchasing property through a limited company.

Additionally, private landlords can no longer deduct their mortgage expenses from rental income to reduce their tax bill. Instead, they receive a tax-credit based on 20% of their mortgage interest payments. This means additional or higher rate taxpayers won’t get all their tax back on mortgage payments as the credit only refunds tax at the basic rate. However, mortgage interest is treated as a business expense for limited companies, which means by purchasing property through your company, you can deduct the cost before paying your corporation tax.

Lastly, if you are a landlord planning to pass your property portfolio down to your children or other family members, buying property through your limited company would be a great way of avoiding large amounts of inheritance tax by making family members shareholders of your limited company.

What are the drawbacks of buying property through a limited company?

The main drawback you may face is finding a suitable lender. The majority of buy-to-let lenders will not lend to limited companies and if they do, they will often want the directors of the company to enter into a personal guarantee. You may also find that the interest rates are higher on such mortgages.

Furthermore, unless you have set up your company before purchasing your property, you would need to transfer or sell your property to your new company. This would trigger capital gains tax as it is likely the value of your property would have risen since you first purchased it. Stamp duty would also be payable on a repurchase of the property.

Finally, to access your rental income, you would need to either pay yourself a salary or dividend. These payments will be liable to income tax and rental profits taken as dividends will not be considered a business expense.

Key considerations before purchasing property through a limited company.

Your income – if you buy property as a higher or additional rate taxpayer, you will be liable to pay income tax at 40-45% however, by purchasing property via a limited company, you will only be subject to pay corporation tax at 19%.
Whether you already own property – you should consider whether it would be worth transferring property to your company. This will depend on your property portfolio as if you own several properties, the costs to transfer each of these properties to your company may outweigh any benefits
Whether you already own a limited company – if you do not already own a limited company, you should consider whether it would be worth setting one up and consider the costs involved in running this company. If you are only planning to rent out one or two properties, setting up a limited company may be excessive and you should consider taking professional advice on this point.

https://phillips-law.co.uk/insights/news/can-i-buy-property-through-my-limited-company/

What Are the Benefits of Buying Property Through a Limited Company?

1. You Can Save Thousands When Paying Corporation Tax
Perhaps the biggest reason investors choose to form limited companies is how income is taxed in a company.

While individual investors will pay income tax, which ranges from 20 to 45%, profits held within a company are instead subject to Corporation Tax.

This is significant because Corporation Tax rates are far lower than income tax.

Corporation Tax is currently at a flat rate of 19%, which will increase to 25% in 2023.

Although these savings aren’t substantial for basic rate taxpayers, investors in the higher tax brackets can save huge amounts of money when they pay corporation tax.

2. More Mortgage Tax Relief is Available
If you’re a property investor, you’ll know one thing:

Buy to let mortgages can be pricey.

With regular interest payments needed each month and the fact you still need to pay tax, your rental profits can be eaten away.

Previously, UK landlords could deduct mortgage expenses from their rental income and reduce their tax bill.

But tax changes in April 2020 meant this was no longer the case, with individuals now given a tax credit based on just 20% of their monthly mortgage interest payments.

Bummer, right?

Well, not to worry, as this isn’t the case for limited companies.

Instead, limited companies can treat mortgage interest as a business expense, which means they can receive 100% tax relief against their rental property income.

3. Gifting Property Is Easier With Reduced Inheritance Tax 
If you’re buying property with the end goal of providing an asset to family members, limited companies might be a practical choice for you.

This is because property held by a company gives you various opportunities to mitigate inheritance tax.

You can do this by using trust structures, shares, and other methods individual landlords don’t have access to.

If you want to form a limited company for property investment, be sure to speak to a specialist advisor to guide you through the process and see if it is right for you.

4. You Can Easily Reinvest Funds After Tax Savings
If you’re thinking of buying a second property to rent out and want to own multiple assets, you may want to reinvest your income.

While individual landlords have to pay income tax on all profits regardless of intentions, it can work differently in a company.

This is because your profits after corporation tax can be kept within the company and directly used to reinvest, helping you avoid further tax payments.

That’s not to mention that due to the tax savings on offer, private landlords have even more money to spend on new properties.

https://www.rw-invest.com/uk/buying-property-through-a-company/

Can you live in a house bought by your limited company?
Yes, but it is not advisable.

If you buy a property through a limited company, then you could incur a Benefit in Kind (BIK), which, as an employee of the company could be considered by HMRC to be notional pay or fringe benefits. Which means they must be treated as taxable income. The current rate is between 20% and 45%.

To avoid being taxed for Benefit in Kind, you’d need to pay full commercial rent to your company. And in this instance, we would strongly advise that you consult your accountant or taxation professional on that point.

You also need to remember that if you sell the property, any profits made from the sale would be subject to 19% corporation tax, while any gains from privately owned property are usually completely tax exempt.

For example, if you bought a property for £200,000 and sold it a few years later for £300,000, you could end up with a £19,000 corporation tax bill.

Can you buy an investment or buy to let through a limited company?
Absolutely. In fact, there has been a significant move toward buyers purchasing investment properties or buy to let through limited companies.

Buying a property through a limited company can have certain benefits. For starters, as a private individual you will pay 45% tax, while a limited company will pay 19%.

Also, private landlords are no longer able to deduct their mortgage costs from the rental income, which was used to reduce the burden of their tax bill.

What are the main drawbacks with buying through a limited company?
The first problem you’ll come across is finding a mortgage provider, as many lenders are reluctant to offer mortgages to limited companies. Even if they are prepared to consider an application, they may require that the directors of the company enter into a personal guarantee.

You’ll also find that interest rates are higher because of the implied higher risk. It’s advisable to set up a company before purchasing your property, a Special Purpose Vehicle (SPV) is the favoured choice.

The reason for setting up a limited company first, is that if you have to transfer or sell a property to your new company, you may incur capital gains tax if the property has increased in value and stamp duty would be payable.

As you can see, there is a lot to think about, which is why we would highly recommend that you talk with an expert to make sure you get the right advice and make the right choices for your circumstances.

FCA disclaimer
*Based on our research, the content contained in this article is accurate as of the most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information.

https://www.onlinemortgageadvisor.co.uk/blog/can-you-buy-your-house-through-your-business/

Now, lets read what the uk government said about this topic issue.

https://www.gov.uk/guidance/income-tax-when-you-rent-out-a-property-working-out-your-rental-income.
It's a long list of allowable expenses, below are relevant excerpt

Allowable expenses
You can deduct expenses from your rental income when you work out your taxable rental profit as long as they are wholly and exclusively for the purposes of renting out the property.

Find examples of expenses incurred wholly and exclusively for the property rental business.

You can also claim expenses for the interest on a mortgage to buy a non-residential let property.

Other types of expenses you can deduct if you pay for them yourself are:

general maintenance and repairs to the property, but not improvements (such as replacing a laminate kitchen worktop with a granite worktop)
water rates, council tax, gas and electricity
insurance, such as landlords’ policies for buildings, contents and public liability
costs of services, including the wages of gardeners and cleaners
letting agent fees and management fees
legal fees for lets of a year or less, or for renewing a lease for less than 50 years
accountant’s fees
rents (if you’re sub-letting), ground rents and service charges
direct costs such as phone calls, stationery and advertising for new tenants
vehicle running costs (only the proportion used for your rental business) including mileage rate deductions for business motoring costs

Expenses you cannot claim a deduction for include:

the full amount of your mortgage payment - only the interest element of your mortgage payment can be offset against your income
private telephone calls - you can only claim for the cost of calls relating to your property rental business
clothing - for example if you bought a suit to wear to a meeting relating to your property rental business, you cannot claim for the cost as wearing the suit is partly for your rental business and partly to keep you warm - no identifiable part is for your property rental business
personal expenses - you cannot claim for any expense that was not incurred solely for your property rental business
Allowable expenses do not include ‘capital expenditure’, such as buying a property.

Claiming part expenses
Where only part of an expense is for your property rental business, you can deduct that part as long as it’s wholly and exclusively for the property business.

Find an example of claiming part expenses.

Increasing your mortgage
If you increase your mortgage loan on your buy-to-let property you may be able to treat interest on the additional loan as a revenue expense, or get relief against income tax as long as the additional loan is wholly and exclusively for the purposes of the letting business.

@ sukkot, @ livingstone2013, @ Guruindahouse
I will strongly advise people to be mindful of careless comments they make online, they can be sued for defamation of character. That people u roll with are fruads or tax evaders doesnt mean other business owner who makes legal claims are one. It only shows u dont understand the tax system of your country because your friends abuse it.
I gave those that mentioned me opportunity to clarify their statements but they didnt reply. It's either they realised they goofed or prefer to wallow in their ignorance. Either way, let's learn to make use of the internet productively before making comments on what we know little about.

I have lodged a formal complaint to the mods against above monikers' mention and I expect such ignorant post to be deleted.

At this juncture, I want you to point any ignorant post from me

SIRTee15:
@ sukkot, @ livingstone2013, @ Guruindahouse
I will strongly advise people to be mindful of careless comments they make online, they can be sued for defamation of character. That people u roll with are fruads or tax evaders doesnt mean other business owner who makes legal claims are one. It only shows u dont understand the tax system of your country because your friends abuse it.
I gave those that mentioned me opportunity to clarify their statements but they didnt reply. It's either they realised they goofed or prefer to wallow in their ignorance. Either way, let's learn to make use of the internet productively before making comments on what we know little about.

I have lodged a formal complaint to the mods against above monikers' mention and I expect such ignorant post to be deleted.

sukkot:
its very tough. And there is the issue of not being able to afford to pay someone to look after your children so most of these women are forced to sit at home and they have all become youtubers . The fact is the UK is dying. It’s like moving into a drowning ship when you move there now

Majority of them all become YouTubers making videos

SIRTee15:

You can actually buy a house under your company name in UK and very much legal, your company will be responsible for the mortgage. I don't understand the criminal intention u guys are associating with above.
How above becomes a criminal tax evasion baffles me. Most people into real estate buy property under their company and not their name.

I know all this, but don't act like you don't also understand that some without proper understanding simpilify this and use it improperly in a way that it now constitutes tax evasion. In one of my responses, you'd see where I said I may not have the full picture or context of your dealings pertaining to this subject, but I have read a lot of posts here from people buying property and doing this, clearly without a full grasp of it and think they are doing tax avoidance. From the way you stated your points eg mails to the house, proper filing, records and documentation of the 'new business outlet/office' is critical. What I am saying is some are not crossing those T's and dotting those I's and just assume since they are buying said property thru the business lobatan. Someone made a post recently wondering why he/she can't rent out a part of their property despite knowing he/she did not enter into a buy to rent mortgage agreement with the lender. I guess what I am saying is ppl better be crossing all T's and dotting all I's, else they inadvertently fall into the category of tax evasion. Actual business people know well and good how to do that due diligence to ensure they are using those avenues, and still remain on the right side of the law.

Treadway:
I know all this, but don't act like you don't also understand that some without proper understanding simpilify this and use it improperly in a way that it now constitutes tax evasion. In one of my responses, you'd see where I said I may not have the full picture or context of your dealings pertaining to this subject, but I have read a lot of posts here from people buying property and doing this, clearly without a full grasp of it and think they are doing tax avoidance. From the way you stated your points eg mails to the house, proper filing, records and documentation of the 'new business outlet/office' is critical. What I am saying is some are not crossing those T's and dotting those I's and just assume since they are buying said property thru the business lobatan. Someone made a post recently wondering why he/she can't rent out a part of their property despite knowing he/she did not enter into a buy to rent mortgage agreement with the lender. I guess what I am saying is ppl better be crossing all T's and dotting all I's, else they inadvertently fall into the category of tax evasion. Actual business people know well and good how to do that due diligence to ensure they are using those avenues, and still remain on the right side of the law.

U actually not amongst those making false allegations against me. I have reported them to the mods and their posts deleted.
Thanks anyway.

https://www.nairaland.com/7661503/what-common-things-surprised-other#122659184

For those who say the chaos in Nigeria is what necessitates a move abroad-- u could as well move to other African countries that are organised and avoid racism

shaybebaby:

They were never cool. Please stop your lying.
Keep trawling through my post history, do me a favour though, stop being selective about what you want to bring up to fit the narrative you are peddling.

I don't have anything to prove to you, but all that balderdash about Nigerians living crap lives here, that ain't true. Some struggle, yes, but many more also live good lives, working l, paying their taxes and enjoying the fruits of their labour.

Just because you didn't doesn't mean everyone has to suffer the same fate as you.

Actually, you should be a poster boy for how not to be living in the west. Believe Sukkot, think like sukkot, end up like sukkot.

Are you in Essex? I am @ Basildon...we should get acquainted if you like.....

Bertino:

Are you in Essex? I am @ Basildon...we should get acquainted if you like.....

Bas Vegas!
Not too far from my end...about 20 mins train or drive.

Went through your previous posts, you've just moved there?

How are you finding it?

sukkot:
lol but your mindset is Still stuck in old naija ooo. Who are the people running up and down ? Renters. Once you are a homeowner you have no problems. So with that 100 million you just mentioned , just 70 million of that would get you a house in a gated community in Lekki with 24 7 electricity. Then you can learn an online skill and never have to deal with traffic again. It's all how you plan your life but the good thing about living abroad is that it expands your mind to know these things

lekki with terible water and flood during rainy season??

Let me stop here.

shaybebaby:

Bas Vegas!
Not too far from my end...about 20 mins train or drive.

Went through your previous posts, you've just moved there?

How are you finding it?

Previous post ke! I nur dey post o...I just saw your comments.....I initiated a private message...