Random question. Let’s say a small limited company doesn’t want to rent a unit/building, can that business buy a property that has a unit and a house attached to live in? Also can you transfer that property to yourself? Thanks
Hi Chris hard to answer that here as it’s a very long winded answer. The short is a company can pretty much buy what it likes, it’s more about the tax consequences. In this case you may have several tax concerns such as a yearly employer ‘benefit in kind’ bill for you / company, possibly something called ‘ATED’ to consider and future tax when you sold or transferred the property. Let’s say it’s not that common except in trades where living on site is part of the job.
Very useful video, thank you. I definitely look at margins to ensure I can ride out these excessive price increases for raw materials.
Great news Hilary!
Random question. Let’s say a small limited company doesn’t want to rent a unit/building, can that business buy a property that has a unit and a house attached to live in? Also can you transfer that property to yourself? Thanks
Hi Chris hard to answer that here as it’s a very long winded answer.
The short is a company can pretty much buy what it likes, it’s more about the tax consequences.
In this case you may have several tax concerns such as a yearly employer ‘benefit in kind’ bill for you / company, possibly something called ‘ATED’ to consider and future tax when you sold or transferred the property.
Let’s say it’s not that common except in trades where living on site is part of the job.