My actual accountant is on holiday and I was hoping that you guys might be able to offer some advice ahead of me being able to speak with him.
I am the director of a profitable e-commerce business turning over c£2.5m per annum. Currently we have c£700k in the bank split across the trading company and holding company accounts. I also have c£100k in the bank in personal savings.
Currently (and crucially) I am unable to obtain a mortgage until May 2021.
However, we would like to buy a specific residential property that has recently come on the market (at £400k). This is a rare opportunity to acquire the exact house we have had our heart set on for years (it's never been on the market before) and if possible I would like to find a way to make it happen.
My question is this: Is there any way to use the surplus cash we have sitting in the bank to buy a residential property - and then us personally buy it back from the company when I am able to obtain a mortgage next year?
The alternative I guess is paying myself a huge dividend and taking the tax hit?
Any advice very warmly welcomed and incredibly appreciated.