Net assets: €50k
you will save about €23k a year in interest payments
Fourthly I really just want to hold on to my home and my accountant has pointed out that as long as I keep up with the payments on the Mortgage no-one can repossess.
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Do you reckon Revenue and suppliers will be happy to allow the OP to run up a fresh set of debts after he shafts them first time round?Good that company is limited, so you not liable - you could always declare bankruptcy and begin new company and take on the contract beginning in March 2008 with the new company....
While I understand the financial logic here, I'm not so sure that this is a great idea. Buying and selling property has lots of associated costs, such as stamp duty, legal fees, estate agent fees. If you were to sell the house and buy again say 2-3 years later, this could cost you say €50k in real costs.It seems to me that you have some time to play with at the moment. So sell your house while you don't have a gun to your head. If you leave it until March, you may be forced to sell to the first offer.
That is the risk you take when you deal with a limited company.Do you reckon Revenue and suppliers will be happy to allow the OP to run up a fresh set of debts after he shafts them first time round?
That is the risk you take when you deal with a limited company.
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