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I think we often talk about the five Ps as being principles why mergers won’t take place.
Those come down to property, pensions and annuity arrangements, you’ve also got the people aspect of it and the culture.
There’s the profile of a firm or the brand, if you like, and how that’s going to be portrayed in the market.
And the fifth one is just the general level of profits, the comparable levels between the two firms.
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Record keeping should be done thoroughly from the start. In this TV show Smith & Willamson's Chris Springett discusses property ownership and case law.
Recent case law in the area it really does highlight just the importance of record keeping.
I mean for us in the profession it’s something that obviously we discuss with clients quite carefully to make sure that all the documents are there.
But recent case law where people haven’t been able to prove that they’re using the property as a residence, that alone, it’s their main residence and so entitled to the relief.
Yeah, the case law has been very much based on the fact that these individuals couldn’t produce the evidence.
So even things such as making sure that you’re retaining gas bills and electricity bills to more useful or even more interesting uses of maximising the relief such as making sure your post from the tax authority goes to that address.
So then they can’t claim that you weren’t living there if that’s where they’re writing to you at.
And it’s these sort of matters that, you know, if we can get talking to clients early when they perhaps get their second property or where they’re perhaps looking to expand their property ownership, that we can start from day one, rather than trying to prove something after the fact.
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