Yeah, sorry all it’s mu first try please feel free to permban it, I’ll try better next time...
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House as company asset.
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Originally posted by GJABS View PostIt's is generally reckoned to be a bad idea. You might save some tax initially. But when the company sells the house it will have to pay capital gains tax on any increase in its value. And then when you dividend the cash out to yourself you'll pay dividend tax as well.
How does ‘gifting’ cash you’ve already paid tax on to your LTD. have any tax saving at all anywhere?
It’s your sockie isn’t it?See You Next TuesdayComment
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Originally posted by MeIsMark View PostI am currently using my Ltd (IT contractor), with two directors (me & wife). We are fortunate to be soon inheriting some cash. Does it make sense to 'gift' the cash to my Ltd company account, and then use that cash to buy a house (clean purchase, no mortgage) as a company asset - The company classification is software development. This (company owned) house could then function as the registered company office and also where we live. We could even pay our Ltd. a nominal rent to live there ? - Would the house count as a tax deductible expense (effectively zeroing the company's tax liability for that year) ? would the house class as a benefit in kind ? ( even if we pay the company a rent, effectively recycling salary back to the company ) ? - Its an idea I'm playing with, maybe I need to ask my accountant but there seem some very knowledgeable people here....I am what I drink, and I'm a bitter manComment
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