Why are umbrella companies being required more often?

[Lance]

Agreed. And the first question is who's name is it in...?

the businesses surely?
Otherwise the rest of the information is a lie.

[eek]

the businesses surely?
Otherwise the rest of the information is a lie.

Which equally is a mistake - one of the best tricks you could do was put the property in your SIPP so the company is paying rent directly into your pension fund.

[willendure]

Agreed. And the first question is who's name is it in...?

The office is owned by the Ltd. It has a small mortgage on it, £50k outstanding. I can repay it in full at any time without any penalties - but it also has something like 18 years left to run, and the interest rate is low. Its costing something like £60 per month in interest. The loan payments are about £400 per month, and leccy/gas/water/insurance/internet comes to around £160 per month, so the difference before or after tax on £560 per month is not huge.

[willendure]

Which equally is a mistake - one of the best tricks you could do was put the property in your SIPP so the company is paying rent directly into your pension fund.

My accountant didn't think that was such a great idea. For starters, its quite hard to find a SIPP that would let me do that, and there would be costs involved too. I don't think he thought it was a terrible idea, just that I would be better off putting cash into the SIPP instead. Would also need to pay off the mortgage before putting the property into the SIPP too.

I think I might look into this again - as you say it would be a decent asset plus rent going into my pension.

[northernladuk]

Am I the only one that thinks there is a can of worms to be opening here. If only we could ask the OP and get enough facts to discuss...

But then we aren't bothered. OP has the answer to his question.

[eek]

Am I the only one that thinks there is a can of worms to be opening here. If only we could ask the OP and get enough facts to discuss...

But then we aren't bothered. OP has the answer to his question.

Just create a new thread and ask that "can of worms" question

[Lance]

My accountant didn't think that was such a great idea. For starters, its quite hard to find a SIPP that would let me do that, and there would be costs involved too. I don't think he thought it was a terrible idea, just that I would be better off putting cash into the SIPP instead. Would also need to pay off the mortgage before putting the property into the SIPP too.

I think I might look into this again - as you say it would be a decent asset plus rent going into my pension.

your accountant is not an IFA though is he?