14:14 PM, 16th April 2018, About 4 years ago 14
Just wondering if anyone has any ideas on this as I am not finding much on the web and there seems to be different ideas about CT61 forms.
I am about to ( July 18 ) clear the mortgage across my 6 flats which I have had in a ltd company since 2005. I have thrown every penny of savings at this each year and come July will be sitting on £600k property with no debt and £3000 per month income. The directors loan will be £375k
Do I start charging interest to my ltd company and take the money as interest…at say 5%. If so does the company pay 20% to HMRC and then me again on my tax return? If so that does not sound economical.
Or do I let it run as in the past and not take any interest but start taking dividends. After general running costs I should be left with around £25k to pay tax on.
I am planning to stop working as I also have an income of around £12k from other flats which are not in the ltd company as back in 2005 they would have had too much Corporation Tax to pay.
Any thoughts are welcome – plus I am in Scotland as that now makes a tax difference unfortunately.
Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.
Advice and implementation provided by a practising Barrister-At-Law with £10,000,000 of Professional Indemnity InsuranceBook Now
Previous ArticleHouse Price Inflation - Government assessment of pressures
Next ArticleMy patience is being tested - Should I evict?
|“Account”||means an account required to access and/or use certain areas and features of Our Site;|
|“Cookie”||means a small text file placed on your computer or device by Our Site when you visit certain parts of Our Site and/or when you use certain features of Our Site. Details of the Cookies used by Our Site are set out in section 13, below;|
|“Cookie Law”||means the relevant parts of the Privacy and Electronic Communications (EC Directive) Regulations 2003;|
|“personal data”||means any and all data that relates to an identifiable person who can be directly or indirectly identified from that data. In this case, it means personal data that you give to Us via Our Site. This definition shall, where applicable, incorporate the definitions provided in the EU Regulation 2016/679 – the General Data Protection Regulation (“GDPR”); and|
|“We/Us/Our”||Means Property118 Ltd , a limited company registered in England under company number 10295964, whose registered address is 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB.|
|Name of Cookie||Purpose||Strictly Necessary|
|JSESSIONID||Used only to collect performance data, with any identifiable data obfuscated||No|
|__cfduid||This cookie is strictly necessary for Cloudflare's security features and cannot be turned off.||Yes|
|Name of Cookie||First / Third Party||Provider||Purpose|
|__utma, __utmb, __utmc, __utmt, __utmz||First||Helps to understand how their visitors engage with our website|
|_fbp||First||Helps to understand how their visitors engage with our website|