Hi all,
I brought a house early part of last year it wasn't the most expensive house out there but I did want to buy something on which I could clear the mortgage on quickly. I had intended to put a 40% deposit down but due to Div tax 25% was the better option and because I did not start looking until I had at least 50% of the property value I built up a lot of funds in my business accounts. Anyway fast forward a year and I pretty much have enough to clear the mortgage, however obviously it is not very tax efficient to do it all in one go.
Is there any advice that you could give to someone in my position, my preference would still be use the money to clear the mortgage. With the looming IR35 I may wind down, would that be a good option?
If that isn't possible what are the best ways to make the "money work for me".
I brought a house early part of last year it wasn't the most expensive house out there but I did want to buy something on which I could clear the mortgage on quickly. I had intended to put a 40% deposit down but due to Div tax 25% was the better option and because I did not start looking until I had at least 50% of the property value I built up a lot of funds in my business accounts. Anyway fast forward a year and I pretty much have enough to clear the mortgage, however obviously it is not very tax efficient to do it all in one go.
Is there any advice that you could give to someone in my position, my preference would still be use the money to clear the mortgage. With the looming IR35 I may wind down, would that be a good option?
If that isn't possible what are the best ways to make the "money work for me".
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