Further questions about incorporation
I have a few more questions regarding incorporation of my sole trader mechanic client if anyone can help at all.
1. Is it feasible for him to keep his garage in his own name and rent it out to the company? He thinks commercial rent would be around £500 per week - obviously he would need to declare this via self assessment?
2. On the above subject, is there any benefit to sharing the rental income with his (currently unemployed) wife - apart I suppose from the benefit of the allowance?
3. He has around £50k of equipment/stock in his garage - is this OK to transfer to the new company (debit assets, credit DLA) or would HMRC need to be aware of this amount?
4. He thinks goodwill would be around £30k - again OK to transfer or need HMRC's involvement?
5. Final query - sickness insurance - can this be paid by the company (around £160 per month) as he says it's vital to his business (I guess he would say that) but, if it was, I guess any payout would be taxable income to the company?
Any help gratefully received!
- HMRC filing meltdown? 819 26
- Capital allowances on transfer of business 109 4
- Designated sole Residence 59 1
- Selling Capital Allowences from Self Employed to Ltd Buisness 229 9
- Anybody still doing returns? 528 21
- no utr 226 8
- client can't/won't pay 2,088 49
- Director drawings 579 32
- Tax Returns for non residents 258 2
- Investment properties/freehold land 58 1
- Capital Loss 83 3
- HMRC Sends Derbyshire pensioner Doug Yeomans tax demand for £4.7 BILLION! 652 14
- 'My colleague fills in his own Self Assessment" and he/she claims,x,y and z" 412 6
- LLP formed in 2013 77 1
- Clothing 475 11
- File Abbreviated LLP accounts online? 158 7
- Practice management 436 8
- Interest on pre-letting? 126 4
- Pounds Shillings and Pence 1,689 44
- Will simplified micro entities accounts result in loss of business ? 1,707 22
- Form MR01 (Particulars of a charge) - does this need to be filed if you remortgage with the same lender? 946
- Underpaid VAT assessment and relation to SATR 659
- Did you realise Google will not patch android exploit ... 616
- Latest phishing scam 593
- Cashback for opening business bank acct = trading income? 430
- Auto Enrolment Questions Answered 322
- Scratch Head 258
- Loan benefit after person ceases as director/employee 245
- Sabbatical payments 210
- Negligible Value Claim 188