Bed & Breakfast trade via Limited Company

Bed & Breakfast trade via Limited Company

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Hi,

I met a new client last week who is purchasing a bed and breakfast business and wishes to run the trade via a Limited Company. I initially saw no issues with this, however on reflection and having had time to consider the implications I am having second thoughts.

Please could I seek advice from more experienced practitioners as to whether this is viable? The freehold property is held personally and not in the name of the company. Additionally, I am keen to understand any potential future CGT issues.

Thank you for your help.

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Nichola Ross Martin
By Nichola Ross Martin
28th Apr 2015 18:06

All possible

you would need to draft up a licence for use of what I presume is the owners' home. CGT aspects are interesting because you have a limited company using an asset in personal ownership so you may want to consider the different options of rent v CGT Entepreneurs' relief.

Sorry got to go, I did not realise the time : )

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