I own a commercial building in a bad state of repair that I wish to sell to my ltd company and cover the costs of making it into an office for my company. What are the personal and company tax implications of this?
The building cost me 20k and the repairs are going to cost me 11k.
So....if I sell the unit to the business at the same price as I paid for it and refurbish it to make it a useful office unit I could reduce my personal tax and company profit for the year? Is it worth doing? It is the only premises I own at the moment, I have sold my house. My business can afford to buy the unit outright. Can you give me very basic figures? Building sale price 20k, refurbishment 11k. What are the basic implications on my personal tax from ltd company? I am hitting 40% tax hard (37k bill this year)