I've been running a new business for c. 6 months now and I'm unsure about the best way to proceed when it comes to the end of the year. Each month I've taken out a reasonable salary to live off and save a small bit but it has been relatively small compared to what the company has been earning. I want to purchase a plot of land and develop a business premises on it within the next 1-2 years. Purchasing a suitable premises is not an option and the current premises we are leasing is becoming too small. Should I be taking out the dividends at the end of the year and building the premises personally and renting it (?) to the company or should I leave the money in the company to save for it, and pay CT (if any, as I believe we are not liable as we are a new company?).
Also, what is the criteria for commercial mortgages? The repayments on a potential mortgage would be very small compared to the turnover of the company. I was told that I would need to be in business for at least 3 years to borrow, which I will be at the time, and I may need to personally guarantee the mortgage myself, which I would be able to do.
Thanks.
Also, what is the criteria for commercial mortgages? The repayments on a potential mortgage would be very small compared to the turnover of the company. I was told that I would need to be in business for at least 3 years to borrow, which I will be at the time, and I may need to personally guarantee the mortgage myself, which I would be able to do.
Thanks.