run your business from
2007-01-07 11:49:44 · 4 answers · asked by Anonymous in Business & Finance ➔ Small Business
i think so .. cant see why not.. you obviously would need to pay business rates from your home.. special insurance etc... also you will still be required to go through the same system as a normal mortgage application..
2007-01-07 11:51:59 · answer #1 · answered by confused 6 · 1⤊ 0⤋
If the company buys the property it will be an asset of the company and therefore you will be taxed on the value, less any contribution you make, as a benefit in kind. The only exception to this would be if you had to live on the premises to fulfill your duties, eg hotel manager or security guard.
You should also consider the effect of capital gains tax if the property is subsequently sold. Since it is owned by the company, corporation tax will be payable on any gain, whereas if you owned the property it would qualify as your principal private residence and so not be subject to capital gains tax.
2007-01-07 20:25:05 · answer #2 · answered by Anonymous · 0⤊ 0⤋
There may be issues if you do not pay the limited company rent for the part of the residents that you live in. At one time, you need to designate the part of the house used as a resident vs the part of the house that was used for business in order to deduct a part of your home as a business expense.
I have no idea what the current situtation is.
2007-01-07 20:00:25 · answer #3 · answered by icprofit6000 7 · 0⤊ 0⤋
That's a tricky one cause it may be classed as an asset check it out
2007-01-07 19:56:10 · answer #4 · answered by Bernie c 6 · 0⤊ 0⤋