I have taken on a new client. She lives in Nottingham , married - they have a mortgage etc. She works as an employee for a company in London.
Mr A is sole director/Shareholder of Company
Mr B joins Company and is given 50% of the share capital and
becomes a director.
Mr B personally loans company £25,000
Actor Tim Healy has claimed a partial victory in a tax tribunal against HMRC after it was found his accommodation expenses claim was tax deductible.
My client has a very successful retail business and it generates a lot of significant excess cashflow.
If an individual remortgages their main residence and uses the money to purchase a second home which they then rent out, can a tax deduction be claimed for the interest against the rental income?