Buying a house - can my business help at all

[BankingContractor]

Depends - do you have a Ltd Co or a Partnership?

Check this out.. RBS | Business Offset Service | Help to cut your personal mortgage

I believe it only applies to Partnerships, so if you're contracting with a Partnership status, you'll have full business offset.

Hope that helps

[Old Hack]

Buy in France, and you can circumvent the Corp tax on the amount the house costs; saves 20%

That's about it though, unless you intend on running your business from a part of the house, which allows you to use company money for a proportion, although that needs to be taken into account when selling, including any profits made,

[hyperD]

Given the current media stories running, I read this as

Buying a horse - can my business help at all

[northernladuk]

Yes it can. It can let you take out more dividends to pay for the deposit. Hope that helps

[Lockhouse]

Hi,
I'm looking in to buying my first house. I'm wondering if having my own business can be used to my advantage when purchasing a property. I suspect I know the answer but thought it was asking just in case.
Steve

Afraid not. I think I know what you're getting at, but if there was any scheme to enable the use of company money to offset one's house purchase in any meaningful way - we'd all be doing it.

[Moscow Mule]

Depends on the amount of deposit, and your credit history including past mortgages, but like for like I'd say contracting is a disadvantage for that.

Mortgage companies and banks prefer people with a nice little 9 - 5 permie job, even if these jobs are little more secure than contracting nowadays.

I've had a couple of mortgages as a contractor - never been a problem getting the necessary. Your market is obviously restricted, but that can work to your advantage in seeking the more obscure deals.

[OwlHoot]

I'm looking in to buying my first house. I'm wondering if having my own business can be used to my advantage when purchasing a property.

Depends on the amount of deposit, and your credit history including past mortgages, but like for like I'd say contracting is a disadvantage for that.

Mortgage companies and banks prefer people with a nice little 9 - 5 permie job, even if these jobs are little more secure than contracting nowadays.

[swebb]

Hi,

I'm looking in to buying my first house. I'm wondering if having my own business can be used to my advantage when purchasing a property. I suspect I know the answer but thought it was asking just in case.

My business has a fair amount in the bank account and I did consider shutting it down and taking the tax hit for that as it would be lower then just getting hit for 40% when I take the money out.

I suppose what I'm really asking is that I've got a fair amount of cash tied up in the business, can this help me in any way, ignoring the ways where the tax man just hammers me.

Thanks for any advice.

Steve