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!
- Company overdue but wants to be struck off 762 32
- VAT Invoice 55 3
- IHT and Swiss Property 101 1
- Sale of house with planning permission - tax free? 173 3
- Flat rate Vat Scheme & Vat on wholesale production of Cakes and other deserts 122 7
- General tax book with planning 91 1
- Gift of property & improvements 75 1
- 2013/14 failure to submit end of year submission 236 10
- Vat code for journal entries of director's expenses 118 2
- Claiming VAT and missing receipts 409 10
- HMRC overreaching its powers -again against a small surveying firm? 335 8
- Help with tax codes on Sage 232 1
- Letting relief on property transferred to a spouse 153 6
- VAT code for invoice from not VAT registered company 248 4
- Accounting for a finance lease 149 4
- SA302's anyone?? 515 16
- A change from the old Q v NQ debate 1,627 41
- Renting for military reasons 173 2
- Cleaners wages at small church -PAYE or self employed ? 1,560 18
- Moneysoft Payroll Windows 8.1 Woes - Help! 1,042 18
- Skandia using wrong address 1,616
- Nil Rate Band Trust - index linked debt by way of charge over property 896
- International interest certificate 508
- NOVA 367
- Have we escaped Gift with Reservation of Benfit & Pre-owned asset charges? - Gift after benefit 288
- Management expenses for investment company 261
- Bonus Bonds 259
- Entertainer withholding tax in Australia 170
- tax on apprenticeship income 166
- P11D benefit received by widow 147