My daughter is buying a new business. At present she is a director of a company which her husband uses for consulting work. The money for the purchase is sitting in that company.
Is it possible to set up a ltd company within the first as a group company and transfer the money to it without it being deemed a benifit? They are 2 totally different trades.
Replies (5)
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There is a much simpler transaction that can take place. You should consult your accountant for the advice.
So naturally you mentioned this possibility so they could advise you on it? You may well find they have suggestions on that front too.Her advice was to just set up a trading name within the company. I see problems with this if the business is sold in the future.
I can't help thinking you are engaged in premature enumeration of livestock though. If she is only just buying a new business now, why are you already looking at selling it? I'm all for thinking ahead but there are limits.
Group question ...
"Is it possible to set up a ltd company within the first as a group company and transfer the money to it without it being deemed a benifit?"
Yes (assuming that by "within" you actually mean "under")