The business is run through a limited company. Turnover around 450,000 net. Business loan is 750,000. I pay£ 4100 per month. Just for business loan. But at present accountant declares it as a dividend so I pay tax on it. It makes it difficult for me to take money out without a large tax bill.
I own the building. The company used to own it a few years ago before accountant took it out of the company. The loan is now in my name. Value of whole business including building is around 2 million.
I don't even charge rent for the premises. My friend who owns a similar but larger business has the building within the company. He claims the interest against corporation tax. And also the capital repayment somehow is balanced against the equity. Not sure about how.
It seems crazy for me to be paying tax on this big payment instead of claiming it against tax. Also I still don't fully understand whether it is best to keep the building in or out of the company.
A few years ago she used the directors loan coupled with my divorce when my wife gave her share to me in the settlement. . I think I need a new accountant. Can you advise me on this.