I've put this question to our accountant, but no response as yet, so maybe the wise ones of AAM can help!
As a Limited company (registered in Ireland), we're considering buying some physical gold. Is there any reason why a company couldn't do this, or it would make accounting difficult (and thus more expensive!) for some reason?
I understand that the gold will be an asset and liable to corporation tax, so an ongoing liability if the gold value rises year-on-year?
Are there other pitfalls we need to be aware of? I haven't come across a huge amount of information on this particular subject, aside from discussions on some UK contractors website.
So, in a nutshell, what are the implications for buying the gold, the period that it remains a company asset and then the subsequent selling of gold?
As a Limited company (registered in Ireland), we're considering buying some physical gold. Is there any reason why a company couldn't do this, or it would make accounting difficult (and thus more expensive!) for some reason?
I understand that the gold will be an asset and liable to corporation tax, so an ongoing liability if the gold value rises year-on-year?
Are there other pitfalls we need to be aware of? I haven't come across a huge amount of information on this particular subject, aside from discussions on some UK contractors website.
So, in a nutshell, what are the implications for buying the gold, the period that it remains a company asset and then the subsequent selling of gold?