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
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Previously on "Buying a house - can my business help at all"
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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,
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Given the current media stories running, I read this as
Buying a horse - can my business help at all
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Yes it can. It can let you take out more dividends to pay for the deposit. Hope that helps
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Originally posted by swebb View PostHi,
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
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Originally posted by OwlHoot View PostDepends 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.
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Originally posted by swebb View PostI'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.
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.
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Buying a house - can my business help at all
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.
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