House Buying Sanity Check

[mgrover]

Need to get deposit out the company to buy a house.

I take it i just need to suck it up and pay the higher tax bracket?

There's no way to avoid that? Deposit will be over 10k so doubt any kind of DLA will work.

[ladymuck]

Yep. With a bit of planning you could have taken it out over two tax years to ease the burden a bit.

[mgrover]

Ideally the plan would be to take a DL for the amount and then yeah over the years pay it down via any spare dividends I have left.

But given the amount/bik/taxes associated, I defo think ama get rinsed.

[vetran]

IANA but you don't have to take it all as a Directors loan.

https://www.gov.uk/directors-loans/y...-company-money

If you pay interest then maybe you won't get rinsed.

You could sell shares back to your company.

talk to an expert.

[BlueSharp]

DLA part of it and take out what you can as div. Can you take out a loan or live off credit cards etc until April to push the repayments into the next tax year and scrape a few extra £K together? Sell the motor if you own it and get a lease car or if you're renovating get interest-free credit on Sofa's and kitchen upgrades.

Don't forget that if you go over the 50K, you will be hit with extra tax and have to make a payment on account for the following tax year.

[jamesbrown]

TBF, you probably do need a sanity check if you're buying a house right now

[BlueSharp]

TBF, you probably do need a sanity check if you're buying a house right now

Property Log (right move tracker) is showing a lot of discounts being applied to properties at the moment.

[JustKeepSwimming]

Property Log (right move tracker) is showing a lot of discounts being applied to properties at the moment.

You don't try and catch falling knives.

[ChimpMaster]

Assuming you're not intending to quit contracting any time soon, there isn't any alternative to sucking it up and paying the tax.

If you were to quit contracting for 2+ years then you could MVL, but that's a drastic option, though by far the most tax efficient.

[mgrover]

Currently is 60k tax.

So think am ****ed ?

Am buying now cause the opportunity for the property/location/state might not come up again