Good afternoon,
I hope someone may be able to give me some advice. I am an IT Contractor and have my own limited company.
I am considering buying a property abroad. My limited company account has reasonable funds in it that I have built up over the years so my question is.... can my company buy the property abroad? The reason I would want to purchase this property is purely for family holiday use and for friends and family to use. I would not need a mortgage on the property and it would not be rented out to make any profit. Friends and family would pay a small amount to cover costs.
So is this allowed? Would HMRC be happy and allow my limited company to purchase this as an investment and what would the implications be should I decide to sell it, although I wouldn't want to be doing that to be honest any time soon.
Thanks
I hope someone may be able to give me some advice. I am an IT Contractor and have my own limited company.
I am considering buying a property abroad. My limited company account has reasonable funds in it that I have built up over the years so my question is.... can my company buy the property abroad? The reason I would want to purchase this property is purely for family holiday use and for friends and family to use. I would not need a mortgage on the property and it would not be rented out to make any profit. Friends and family would pay a small amount to cover costs.
So is this allowed? Would HMRC be happy and allow my limited company to purchase this as an investment and what would the implications be should I decide to sell it, although I wouldn't want to be doing that to be honest any time soon.
Thanks
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