Kildare County Council will not allow it for resi use,
I have been advised to apply for a business loan in our own names, then setup a company which will lease the property from us. The company would run the tourism rental business, obviously, and the financial benefit is that the interest on the loan can go against income tax. Is that all correct, and good advice?
Common enough if the proposed new properties won't conform with minimum standards or would run foul of local development plans in terms of residential density, use mix, or the like.Is this absolutely final? Seems odd that they won't allow residential use in the current climate. Can you appeal to ABP?
What is the business loan secured against if not the property?I have been advised to apply for a business loan in our own names, then setup a company which will lease the property from us.
We have other assets with equity we can use for security.What is the business loan secured against if not the property?
In any case if it’s a commercial venture then can’t you get a commercial mortgage?
How much do you need?Some have a minimum loan amount of €250k which is more than we need.
I can’t see a scenario where you’ll be better off setting up a company and paying CT on all drawings and then income tax, USC and PRSI after the CT.you'll need robust advice about the applicability of the 12.5% CT rate to your specific planned situation
I can’t see a scenario where you’ll be better off setting up a company and paying CT on all drawings and then income tax, USC and PRSI after the CT.
I'm sure I'm missing something, feel free to point out where I'm wrong!
I don't even think there are.There may be advantages in limiting liability
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