Jimbob1234
Registered User
- Messages
- 1
Hi all,
Newbie to the forum here with lots of questions, please go easy on me.
My business partner and I set up our ltd company three years ago and it's going very well.
We have zero employees and have paid all tax and vat owed so far, and have no debts or outstanding bills.
We currently have 200k in the business bank account doing nothing.
By next May, my business partner and I anticipate we will have enough money in the account to buy two properties cash.
I have forecasted that by then we should have enough cash in the business bank account to pay for them.
These will be residential homes for each of us to live in so see this as an investment in. We do not have great credit scores for numerous reasons which gives me doubts that I will be able to get a mortgage which is why I'm keen on buying the property with cash, outright.
I'm aware we cannot just take the money out (150k+ each) of the business without paying hefty personal tax bills so would like some guidance on how to do this in the most tax efficient way.
I have spoke with my accountant who has suggested a couple of ideas including take the 40% hit on personal tax which just isn't tax efficient enough for us.
Can anyone suggest how I can buy my property in the most tax efficient way possible?
Any information on this would be great, also any additional tips or advice would be great.
Thanks in advance
Newbie to the forum here with lots of questions, please go easy on me.
My business partner and I set up our ltd company three years ago and it's going very well.
We have zero employees and have paid all tax and vat owed so far, and have no debts or outstanding bills.
We currently have 200k in the business bank account doing nothing.
By next May, my business partner and I anticipate we will have enough money in the account to buy two properties cash.
I have forecasted that by then we should have enough cash in the business bank account to pay for them.
These will be residential homes for each of us to live in so see this as an investment in. We do not have great credit scores for numerous reasons which gives me doubts that I will be able to get a mortgage which is why I'm keen on buying the property with cash, outright.
I'm aware we cannot just take the money out (150k+ each) of the business without paying hefty personal tax bills so would like some guidance on how to do this in the most tax efficient way.
I have spoke with my accountant who has suggested a couple of ideas including take the 40% hit on personal tax which just isn't tax efficient enough for us.
Can anyone suggest how I can buy my property in the most tax efficient way possible?
Any information on this would be great, also any additional tips or advice would be great.
Thanks in advance