My 2 year fixed term is coming to an end, I just have enough funds to pay it off. what's the best way to do this? If I withdraw the money from my company's account, them am going to be liable to paying 40% personal tax on it, which is quite steep. Any ideas?
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Paying Off the Mortgage
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Originally posted by SouthRoute55 View PostMy 2 year fixed term is coming to an end, I just have enough funds to pay it off. what's the best way to do this? If I withdraw the money from my company's account, them am going to be liable to paying 40% personal tax on it, which is quite steep. Any ideas?
Use an umbrella for 3 months, decide you don't like it, start another company."See, you think I give a tulip. Wrong. In fact, while you talk, I'm thinking; How can I give less of a tulip? That's why I look interested." -
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Originally posted by BrilloPad View PostWhy not just get divorced instead? Then you wont have to worry about paying it off for ages.It is better to be silent and thought of a fool, than to open ones mouth and remove all doubt.Comment
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Originally posted by SouthRoute55 View PostMy 2 year fixed term is coming to an end, I just have enough funds to pay it off. what's the best way to do this? If I withdraw the money from my company's account, them am going to be liable to paying 40% personal tax on it, which is quite steep. Any ideas?I'm alright JackComment
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Originally posted by SouthRoute55 View PostMy 2 year fixed term is coming to an end, I just have enough funds to pay it off. what's the best way to do this? If I withdraw the money from my company's account, them am going to be liable to paying 40% personal tax on it, which is quite steep. Any ideas?Comment
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Originally posted by HeliCraig View PostI also seem to recall somewhere reading some advice that it was a good idea to leave a very small amount on the mortgage - say £100 - because then the mortgage firm will look after your deeds securely for you for no charge.
But originals still require safe storageLast edited by Diver; 17 July 2008, 07:14.Confusion is a natural state of beingComment
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Originally posted by SouthRoute55 View PostMy 2 year fixed term is coming to an end, I just have enough funds to pay it off. what's the best way to do this? If I withdraw the money from my company's account, them am going to be liable to paying 40% personal tax on it, which is quite steep. Any ideas?
Rinse and repeat.Comment
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Originally posted by Archangel View PostWithdraw enough to not attract 40% tax, pay this off the mortgage.
Rinse and repeat.
Then at 55 yrs old, take a lump sum of 25% of you pension pot and pay of the mortgage with that.Comment
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Originally posted by DimPrawn View PostOr put the money into a SIPP pension that grows at 6%. In this way, Gordon Brown actually gives you the 40% tax back.
Then at 55 yrs old, take a lump sum of 25% of you pension pot and pay of the mortgage with that.
<cough!> I mean, "Hear! Hear!"Comment
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