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  1. R

    should a hospital consultant set up a limited company?

    if they would not clear it does that mean that we would always be facing the posibility of a tax bill down the road if revenue decide that they don't like it? we are happy enough for our particular situation and plans that there are enough benefits to form company but if we thought it was...
  2. R

    should a hospital consultant set up a limited company?

    this is my worry. i dont want to be in a position where we are looking at a huge tax bill plus interest in 6 or 7 years time. even if one of "the big 4" recommend it, is that enough? would it be prudent to go to revenue and say this is what we are doing, is that acceptable or would that be...
  3. R

    should a hospital consultant set up a limited company?

    this is exact what my advisor said when i questioned if revenue would be an issue
  4. R

    should a hospital consultant set up a limited company?

    my wife (a hospital consultant) has been advised to set up as a limited company for her private work. would this be open to interpretation in the event of a revenue audit?
  5. R

    partnership agreement

    Who is best person for me to meet to discuss options? ~Accountant or financial advisor?
  6. R

    creative way around sourcing bank loan deposit

    putting in €30,000 myself bank will only fund 70% of loan
  7. R

    creative way around sourcing bank loan deposit

    i am actually renting at the moment. i will be taking a company loan out and tge bank or happy to take long term lease on business premise as security. the business will be able to meet the bank repayment and investor even at 15% but would like to explore ways of reducing the amount subject...
  8. R

    creative way around sourcing bank loan deposit

    looking for loan for £1.5m to purchase business. bank will give me £1,000,000 so i need £500,000. bank interest rate will be 4%, investor for the £500,000 will be 12-15%. Huge difference in interest so was wondering if there are any other ways to source the £500,000 at a better rate? i'm...
  9. R

    partnership agreement

    Thanks for your reply Jim. I would have expected a much lower percentage than 15% given the returns available in the banks at the moment. I know that the risk involved plays a huge part but would it be very unreasonable to expect someone to invest at around the 8% return (for a very solid...
  10. R

    partnership agreement

    i am buying a business for €1.5m of which the bank is looking for €500,000 up front. i have an investor who is putting up the €500,000 he will be silent for the most part but i will benefit (slightly) from his buying power as well has his advice and experience ( he has 4 shop in the same...
  11. R

    Paying loan back through business.

    I would be very interested in finding out how these figures compare to other industries. In general the business could sustain a director's salary of around 6 or 7% of turnover or in this case around £70,000. This is accounted for in the expenses part of P&L so is taken into account before we...
  12. R

    Paying loan back through business.

    I completely agree. I will be enlisting the help of a chartered accountant who has over 10 years experience dealing with sales of business in this sector. I just looking to get as much info as possible myself first.
  13. R

    Paying loan back through business.

    Oh, didn't know that about the differentiation between interest and capital. Yes, my salary is included in the expenses and I will have to work there full time. I have years of experience in the sector.
  14. R

    Paying loan back through business.

    Thanks for all the replies. Just to confirm. Business has turnover of £1,000,000. GP 400,000 NP 90,000 NP after 12.5% tax 80,000 Sale price 500,000 New Business Ltd acquires shares of company and takes business loan out for 500,000 Repayments over 180 months are €5500 per month or €67,000...
  15. R

    Paying loan back through business.

    I am looking to buy a business and taking out a substantial bank loan to do so. Rather than paying the bank loan back personally is it possible to take the loan out in the name of the business and pay the loan back as part of the expenses of the business?
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    Audit after missing tax deadline

    My father has a company and left it a bit late to send in returns to his accountant. As they were so busy towards the end of October they didn't get the returns in on time. They said that as the deadline was missed that he automatically has to do an audit for the CRO which will cost £1500...
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    Buying a franchise

    I don't want to name the franchise for fear they will see this but it's a hugely successful national brand and this particular store has performed well for the last 20 years even through the recession, so it's not a very risky venture. Given that, what level of equity would an investor be...
  18. R

    Buying a franchise

    Thanks for all the help. We have about €50,000 NE left on an apartment in Dublin but the rent is more than paying the mortgage at the moment. Second apartment is just about neutral equity now. The franchise is a very well know national franchise and its a joint venture partnership 51% 49% in...
  19. R

    Buying a franchise

    I have been approved to purchase a joint venture franchise business. The purchase price is €800,000. The bank is willing to loan the total amount but requires me to have 10%. Due to have two NE apartments which we have pumped a lot of our savings into we don't have much savings and certainly...
  20. R

    PAYE and rental income question

    Thanks, you have been most helpful
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