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Posted Thu, 29 Feb 2024 12:23:03 GMT by dedalos
I have a single director limited company A. The company was providing consulting services under the relevant SIC code. The company has retained profit in its balance sheet. Now as a Director, I would like to cease trading activity, keep the company open, keep the profit in the company balance sheet and in the business account and later use the existing retained profit to purchase via the limited company A, a buy-to-let property, using the retained profit to as deposit for the purchase of the property and stump duty. Question: Are there any tax implications in using retained profit from my existing company to purchase a property via the limited company. Are there any HMRC rules that i need to be aware in relation to the use of retained profit from past trading activity that may prohibit me to use it for purchasing (via the same limited company) a residential buy to let property.
Posted Fri, 01 Mar 2024 16:44:33 GMT by HMRC Admin 25
Hi dedalos,
HMRC are not permitted to give accountancy advice.
You will need to enagage the services of a tax professional to assist you with your enquiry.
Thank you. 


 

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