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Buying portion of my main residence as office space
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Originally posted by Jimsum View PostAn Accountant I know suggested that I assign a portion of the house to the business say 10% as I work from home.
That said I've heard stories like this before. A contractor friend from many years ago had an accountant that told him to lease a Cayman S and put the lease payments through the company as an expense. He then advised he bought the car at the end of term and sell him to himself at a considerable loss. He didn't get caught so now the accountant things he's the bee's knees.
I do think there are some guys out there that will push the envelope because they know how few people go through investigations. If you ask them, will this work and will I get caught they'll say of course not. If you ask what happens if I do they go all quiet and say you won't. There are fly by nighters in any industry I guess.'CUK forum personality of 2011 - Winner - Yes really!!!!Comment
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Have you considered selling a portion of the house to a Dutch Antilles trading vehicle? It will take out an option to purchase after 1 year, priced in a range of high fluctuation currencies, and you individually select the most advantageous currency at the end of the year. Then the vehicle lets it to YourCo and the VAT is recycled back to you via a US sovereign Indian Reservation film production trust.
All perfectly above board.Comment
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Originally posted by TheCyclingProgrammer View PostThis sounds like a complete and utter mess.
If you're planning to retire soon, I would simply look into shutting down and getting all of your retained profit out in the most tax efficient way possible (MVL if the profits are high enough) then use the money to pay off your mortgage.
Doesn’t sound like the Accountant’s advice seems legit so good to run it past on this forum.
Cyclic Programmer, the most obvious solution would be to close the company. However, I’m thinking of semi-retiring and work 3-6 months a year so I can’t close off the company and withdraw a large sum easily.
Any suggestions, anyone?Comment
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Originally posted by Jimsum View PostI’m thinking of semi-retiring and work 3-6 months a year so I can’t close off the company and withdraw a large sum easily.
Any suggestions, anyone?Comment
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