Reply to: Incurring cost in UK company

[NotAllThere]

That's enough now, I think.

[Lance]

I did , extensively. Learned a lot
you should try.
but prefer bing for most scenarios as it’s giving links and sources

*wibble*

[GitMaster69]

Have you asked ChatGPT? It has a ring to it. Guess I have to move with the times

I did , extensively. Learned a lot
you should try.
but prefer bing for most scenarios as it’s giving links and sources

[Paralytic]

Have you asked ChatGPT? It has a ring to it. Guess I have to move with the times

I'm afraid I'm not sure it would be worth your time:

As an artificial intelligence language model, I don't have an accountant or any personal financial information, nor do I have the ability to consult or provide advice on financial matters. However, I can try to answer general questions related to accounting or direct you to relevant resources for more information.

[northernladuk]

Have you asked ChatGPT? It has a ring to it. Guess I have to move with the times

[Paralytic]

lets see what AI has to say on the topic..

Is that the same AI that is notorious at getting things wrong unless you provide it with your own model and that has data only to the end of 2021 so has absolutely no idea about any regulatory/financial/budget changes since then?

[GitMaster69]

You know that you get what you pay for here. Based on what you've said, your plan sounds exceptionally dodgy. No two ways about it, sorry.

Getting professional advice should have been your first port of call, not your last.

Well just to clarify . There's nothing dodgy about my business model and it will generate income by itself. The books would speed things up as I would be able to get finance after first books, not second. But again secondary issue as I can be patient.

[Fred Bloggs]

Neither of the 2 items I mentioned are secondary - they are literally the first points I picked up as problems and both are very fundamental..

As is the problem with all the "great idea" threads. At the outset the OP usually just seeks peer approval.

[ladymuck]

ok thanks everyone. It's hard to get advice without putting everything on the table, especially when topic keeps deviating to secondary things
Might need professional advice
all the best

You know that you get what you pay for here. Based on what you've said, your plan sounds exceptionally dodgy. No two ways about it, sorry.

Getting professional advice should have been your first port of call, not your last.

[eek]

ok thanks everyone. It's hard to get advice without putting everything on the table, especially when topic keeps deviating to secondary things
Might need professional advice
all the best

Neither of the 2 items I mentioned are secondary - they are literally the first points I picked up as problems and both are very fundamental..

[GitMaster69]

Problem 1 - you are UK tax resident and moving money abroad without a valid reason.
Problem 2 - you seem to have bank loans based on being profitable but the only income seems to be coming from your UK company..

ok thanks everyone. It's hard to get advice without putting everything on the table, especially when topic keeps deviating to secondary things
Might need professional advice
all the best

[northernladuk]

Problem 1 - you are UK tax resident and moving money abroad without a valid reason.
Problem 2 - you seem to have bank loans based on being profitable but the only income seems to be coming from your UK company..

Only two problems? Or is that just for starters?

[eek]

Whatever! I want to invest! I'm way beyond tax efficient threshold to draw personally. How to do it and not be screwed on tax is the question!

Problem 1 - you are UK tax resident and moving money abroad without a valid reason.
Problem 2 - you seem to have bank loans based on being profitable but the only income seems to be coming from your UK company..

[GitMaster69]

So what bit of putting money from one company into another, made to look like a purchase, when there is no purchase, to get someone to lend the company more money, isn't fraudulent?

Please explain in words of one syllable or fewer cos I don't get it.

Whatever! I want to invest! I'm way beyond tax efficient threshold to draw personally. How to do it and not be screwed on tax is the question!

Think of it as an SPV, the difference being in SPV you can have only 1 property for bank to give you mortgage.

[Lance]

Cooking books, defrauding banksters, entrepreneurs bad - keep them coming

So what bit of putting money from one company into another, made to look like a purchase, when there is no purchase, to get someone to lend the company more money, isn't fraudulent?

Please explain in words of one syllable or fewer cos I don't get it.