Assets not owned by a company
I have a client who has properties which were sold to the directors about a year ago. This was properly accounted for and mortgages were secured personally.
However, the client now wants to show the properties and the mortgages on the properties in the Limited Company with any rental income shown in the limited company accounts. The reason is that he has an overdrawn directors loan account and this equity would reduce the loan.
He says that he has done this with previous companies and that he is holding the assets as a 'fiduciary' for the Limited Company.
Is this possible?
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