Hi,
a couple who are friends of mine have operated a small scale building company for the last few years. They generally bought sites in her name and developed the sites through a Ltd Co.
Their accountant is now advising them that all debt should be in their joint names and that they should clear any existing Co. Bank loans with new loans in their joint names. They will then only have one contract with end purchasers rather than 2.
Are there any tax implications in clearing the company loans like this?
a couple who are friends of mine have operated a small scale building company for the last few years. They generally bought sites in her name and developed the sites through a Ltd Co.
Their accountant is now advising them that all debt should be in their joint names and that they should clear any existing Co. Bank loans with new loans in their joint names. They will then only have one contract with end purchasers rather than 2.
Are there any tax implications in clearing the company loans like this?