Norron Nyack

“It was a gradual process, but over a few years I had bought 5 properties, and reached the goal of bringing in an alternative income so I could leave my job.”

“However, I was aware that the economics of buying and renting houses was changing significantly. Mortgages aren’t as sustainable as they were, and I could see that having property in my personal name wasn’t conducive to growing the business or getting the buy-in of lenders.”

“It seemed a sensible point to consolidate things into a company and bring my wife’s rental property into the business too. I had in mind that my daughter could be a benefactor of the business and become a partner.”

Norron knew he would need expert advice on structuring the business and managing shareholders and inheritance. He began the process of looking for accounting and tax services that would help him with the strategic planning and the day-to-day management.

I had a shortlist of 10 accountants that I’d either found through Google or been recommended at industry events. It included Provestor because it is run by people who are investors themselves. That was the biggest selling point. It has everything - software, support and a high level of advice with answers to queries within 30 minutes.

Norron’s stand out experience was working with Nadeem, Provestor’s head of tax. Nadeem advised on the creation of a partnership structure for Norron’s business.

“Nadeem understood exactly what I was trying to do and how I’d need to have flexibility for growth and inheritance. Although it was complicated and I needed to move property into a limited company, he made it straightforward to set things up properly. I know the company we’ve created is fit for the needs we have today and our long-term plans.”

More recently, Norron has used the regular tax consultations included in his plan to develop a strategy to purchase commercial properties. “The opportunity to move into commercial property, and in some cases convert them to residential property, is one I’m keen to explore.”

“There are complications with VAT when you follow this strategy, but with Nadeem’s help I’ve been able to navigate things and, most importantly, I stay the right side of tax law. He’s even negotiated the VAT with HMRC for me, so I pay the correct amounts at the right time.”

Norron adds that Provestor’s app has been vital for managing the company’s rentals. “My wife and I share the management of the properties. Using Provestor’s app has eased the day-to-day stress of keeping track of rentals and expenses."

Provestor's app is so far removed from the excel sheets we used to use. I love how intuitive it is compared to Xero or Quickbooks, which just aren’t built to manage the nuances of property management. With Provestor, we’re totally in control.