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About bendutt

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  1. Thanks David. I thought I'd misunderstood a bit - you've cleared that up for me now. It's a fascinating world taxation and I'm liking trying to understand it a but before I hire an accountant whose time I don't want to waste with basic questions.
  2. Because I thought of it whilst nursing my baby at 5am, and want to make sure I'm reading your reply right and I'm curious to know the answer... so I've lent my company £65k in its first year to buy its first property. If I have bookings which total £10k per year and supposing I have no other outgoings for the company each year (unlikely I know), I can repay myself £10k per year for six years and not pay tax through the company on those earnings nor any tax on my self assessment? If the above is true, what is to stop me loaning the company a further £60k in 6 years to buy more prope
  3. Thank you again taxantics. Another question if I may: I was reading about directors loans which the income I gave the company is - though I'm not charging interest. I know if I take money out as a loan it has to be repaid that year, but how long can the company take to repay me? When it does is the payment to myself after tax is deducted from the income has been paid or beforr and do I have to declare it on my self assessment? Also, do you know anything about extracting capital from a mortgage free property? Owned outright by my Ltd Co with a value of £68k, I'm thinking of extr
  4. Hi taxantics thank you for your answer. Stupid, basic questions I know, but they were the only two I needed answering as Google wasn't helping. I will be employing an accountant, I just want to know all the ins and outs myself first... my dad used to run a business and he had an accountant who did everything, but it turned out the accountant made a massive error and my Dad got lumbered with a huge backdated tax bill. I remember Dad telling me if he knew how to read accounts he might have spotted it. Now, I know this is unlikely to happen to me as well, but before I use an accountant
  5. I'm new to this game, and though I know I should pay an accountant, right now I can't afford their fees for various reasons (mostly large looming legal bills). Here is my query which I'm hoping someone can advise on. I have a limited company that purchased its first self-catering holiday let last year for £68,000. Its purchase through the company was funded by money loaned to it by myself and family without interest charged. Due to renovation and Covid the holiday let in its first 12 months has earned only £6,800. We have spent £6,900 in renovation and fitting out the property and other
  6. Thank you for your most helpful reply taxantics. Will speaking to the mortgage advisor about the last option today - I had thought about it but not in great deal as we really thought with a near 30% deposit getting a BTL mortgage in our company name would be straightforward.
  7. Hi, I currently own a 1 bed flat outright (no mortgage) through my limited company and it is run as a holiday let and is on track to earn 10-12k for us this year. Last month the chance to buy the second of three flats in the building came up and my offer of 85k was accepted. I have a 25k deposit and want to buy through my company again. However we are having real difficulty finding a mortgage lender for a limited company holiday let mortgage. Either the flat is too cheap, our family income is too low (we earn just over 25k per year from our paid employment), or that it is a flat a
  8. Hi, I am buying my first rental property which I am going to buy through a limited company. I'm loaning the company £68k to buy the flat with no interest charged. Am I right in thinking if I repay myself out of the rent earned I still have to pay corporation tax first on all the rent earned?
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