I own a boat, moored 5 minutes from the office. Could I sell this boat for market value to the company and could it be part of the Annual Investment Allowance (AIA)?
It would be the intention for me as sole director to stay overnight 2 to 3 times per week, as my permanent residence would be 200 miles away so it should be cost-effective for the business as it will avoid hotel costs.
Would there be any tax implications for either party?
I am the sole director with 100% ownership. Any guidance appreciated.