I've looked into this a bit but would welcome any input?
The property is for the couple to have as their joint pension but the trading company is her's alone and she would prefer to keep that separate. When I looked I found advantages in having it a joint private ownership .... but I may be missing something?
Thankyou Basil ! This is just why I am on this forum where people such as yourself are prepared to share knowledge and expertise. I knew in my bones it was too easy..... but didn't really know where to start in getting to the nub of things.
Thanks a million
good morning Tax dragon...... I think I must have missed it - please make it again in a different way?
Yes the exorbitant rent will be covered by the equally exorbitant mortgage interest which was why I was thinking it was a good idea. I had a spreadsheet and everything ........working out the best option. Hee hee what fun was had by all.
Thanks everyone ! All ideas welcome
Thanks for alerting me to this. So establishing what would be reasonable for purposes of trade seems to be key. Perhaps I need to find a reasonable and friendly estate agent
So the issue seems to be what would be deemed allowable in a corp tax comp....?
Mmmnnnnnn I will ponder on
Ive enjoyed some of the treatments myself actually - quite above board I assure you !
That's a very comprehensive reply - thanks indeed for your time ..... I had been looking at all these factors and realising the complexity and with so many spinning plates etc starting to lose the will........ But I feel better as I recognise the issues you raise here - so I'm not overcomplicating - .......could it be more complicated? !
Hey ho - soon time for the G & T - cheers DJKL!
Thanks for prompt reply DJKL
They are being offered business finance. Do they have to have a partnership or Ltd company or can they just accept this finance as individuals? They are looking at immediate savings primarily rather than a long term benefit.
Beauty Ltd is the main tenant in this property so does the "connected party" issue only come into play if they set up a company to buy it?
Just wanted to say that as a lone accountant working in my shed , the camaradarie of the 31 jan deadline on AW is the nearest I get to "meeting at the water cooler" and I love it !
Really enjoying the idea of the post deadline sort out as I am becoming hidden by piles of last year's papers. A good pot of coffee, Spotify on loud and the place will be transformed..... very therapeutic and the only neighbours are the squawking sparrows so they won't mind !
The only statistics I keep re SA is the date of submission - I try to get in earlier each year.
This year of my 29 submissions I beat my submission date only 8 times - 38% filed in Jan
Best wishes from my little corner of devon