Prospects ahead are bleak. Might go umbrella or PAYE, in any case in higher tax band.
Been thinking to strike off the LTD - when take advantage of 7.5% divi and 12 CGT allowance for 2 people where will be no money in the LTD.
One idea is to go BTL, use the money to buy 2 or 3 flats on interest only mortgages.
I guess 2 options to go BTL:
using the company. Potential CGT in many years when/if decide to sell. And if sell money return to LTD.
doing it myself and wife: lost 7.5% on divi, my part of the rent will be taxed at 40%, only 20% deduction on interest payments, etc.
Also some more considerations. If I go PAYE, I wanted to close the company in case of retro grab. With BTL option I am exposed. Is there any easy way to open a new LTD "transfer" the money to it and close the old one?
Anyone did/doing this? Pitfalls/advantages?
Been thinking to strike off the LTD - when take advantage of 7.5% divi and 12 CGT allowance for 2 people where will be no money in the LTD.
One idea is to go BTL, use the money to buy 2 or 3 flats on interest only mortgages.
I guess 2 options to go BTL:
using the company. Potential CGT in many years when/if decide to sell. And if sell money return to LTD.
doing it myself and wife: lost 7.5% on divi, my part of the rent will be taxed at 40%, only 20% deduction on interest payments, etc.
Also some more considerations. If I go PAYE, I wanted to close the company in case of retro grab. With BTL option I am exposed. Is there any easy way to open a new LTD "transfer" the money to it and close the old one?
Anyone did/doing this? Pitfalls/advantages?
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