How Do You Help a SSAS Purchase and Manage Commercial Property?
If you’re not experienced in buying commercial property then this can be an invaluable service for you.
At One Crown Pensions we will hold your hand through the process of purchasing commercial property and will manage the property and the ongoing maintenance on your behalf.
This includes everything from instructing the surveyor to value the property, making sure that there are no issues, through to instructing the solicitors to handle the conveyance. We will liaise with all parties on your behalf and do all the day-to-day running around to make sure the purchase goes through as smoothly as possible.
As part of that process you will also have a rental agreement, either with your own Company or with a third party. We will check any existing or new agreements to make sure they are up to date and cover all the requirements needed for pensions.
The survey will provide both an asset and a rental value for the property. The latter will be incorporated into the lease agreement.
Once purchased by the SSAS pension, we will offer a day-to-day management service for the property; collecting the rent, whether monthly, quarterly or even half yearly, and making sure that comes into the pension scheme.
We will also arrange to account for VAT if it has been applied on the purchase of the property. As part of the process, we will take you through any VAT issues that may be applicable and, as a SSAS may register for VAT, if the property is VAT elected that is not a problem. A SSAS can purchase properties that are opted to tax for VAT.
We will supply quarterly tax returns to your accountants and we’ll provide you with a status summary at the end of each year.
