Property investment platform GetGround has opened its platform up to individual landlords, not just those operating through a limited company.
The company started by helping landlords form new companies to manage their buy-to-let investments.
Individual landlords that register with GetGround can access the platform’s ‘wallet’, which enables them to receive rental income and make mortgage, bill and maintenance payments through a single account, as well as track rent and categorise expenses to speed up bookkeeping. However, they will not gain access to the company’s tax and accounting services that are tailored to limited company investors.
Moubin Faizullah Khan, co-founder & chief executive of GetGround, said: “The landscape for being a buy-to-let landlord has never been more treacherous.
“Margins are squeezed and, assuming the rumours are true, the new government is readying a series of tax changes that’ll make property investing harder to do well than ever.
“At GetGround, we’re lifelong advocates for limited company investing, but not to the detriment of the health and buoyancy of the overall buy-to-let market.
“By helping any and all investors in UK property join our platform, we can help alleviate some of the costs, pressure, time and effort that are weighing heavily on private landlords’ shoulders.
“Keeping landlords motivated to stay in the market and do the best for their tenants is pivotal to maintaining a robust private rental sector.”
Landlords on the GetGround platform can also access ‘investment pots’, accounts tailored specifically to buy-to-let investors that offer a 5.05% annualised return, net of fees. The rate of return is variable.
They can also access the company’s services to help landlords find, finance, manage and sell their properties.
There is no requirement for personal ownership landlords to convert to limited company investments after joining GetGround. However the company said it ‘hopes’ that customers see the benefit of doing so. Users can access GetGround’s earnings calculator to compare their post-tax income potential if they continue to invest personally or switch to a limited company.
Faizullah Khan added: “Once onboarded, there’s no hard sell. Unincorporated landlords simply get a closer view of the advantages nearly 30,000 of their limited company contemporaries have been enjoying for almost five years.
“Up close, those benefits of better transparency, accountability, visibility and tax treatment are crystal clear and irrefutable.
“It wasn’t surprising to see that, during our testing phase, [more than X in X / a significant proportion of] new personal landlord customers made enquiries about the costs and requirements necessary to incorporate.”
In Autumn 2023, Hamptons reported that 74% of new investment properties are now bought through limited companies, up from 61% only two years earlier.
