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Buying a garage through the business or personal money

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Author Topic: Buying a garage through the business or personal money  (Read 199 times)
Jr. Member
Posts: 67

I like property

« on: February 21, 2022, 08:39:58 PM »

Buying a garage for storage and my wife wants to buy it through her business as they made a lot of profit last year and the accountant is saying sheís going to have a massive tax bill. We need some extra storage anyway and found the perfect garage. Accountant is saying itís better to use our own money and that the business canít really buy it and heís not giving me a real answer why? Maybe in about 10 years or so will sell it but I canít see the issue?
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Hero Member
Posts: 594

I like poetry

« Reply #1 on: February 22, 2022, 06:22:54 PM »

Your accountant is correct. If the business did buy it then it'd just be a capital asset and won't reduce the taxable profit. It's essentially the same as if you bought a buy to let: you couldn't set the purchase cost of the property against income.

Would it be wholly for business storage?
Jr. Member
Posts: 67

I like property

« Reply #2 on: February 24, 2022, 08:27:45 AM »

No would be storing an old car in there as well
Global Moderator
Hero Member
Posts: 594

I like poetry

« Reply #3 on: February 24, 2022, 12:16:59 PM »

That being the case, there's definitely no reason to put it through the business.
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