I am thinking of setting up a UK limited company to which to sell for a nominal sum of money my bookings for next season. I think this will have some beneficial effect on my year end tax return...
Has anyone tried that already and can give me advice ?
a limited company to buy my bookings
Why do this when as a UK tax payer you can deduct all your costs from your revenue received on your French property so that you only pay tax on your NET profits.
Chairman
Wales Association of Self Catering Operators (WASCO)
http://www.wasco.org.uk
Member of The Federation of National Self Catering Associations (FoNSCA)
http://www.fonsca.org.uk
Wales Association of Self Catering Operators (WASCO)
http://www.wasco.org.uk
Member of The Federation of National Self Catering Associations (FoNSCA)
http://www.fonsca.org.uk
I want to build up the company so that I can use it as a vehicle to obtain financing for other projects.WASCO wrote:Why do this when as a UK tax payer you can deduct all your costs from your revenue received on your French property so that you only pay tax on your NET profits.
As the source of the income is abroad, is it ok to just declare and pay corporation tax in uk or do I have to declare it in France too ? In which case how do I go about it ?
Yes I think I will change my mind.WASCO wrote:Why do this when as a UK tax payer you can deduct all your costs from your revenue received on your French property so that you only pay tax on your NET profits.
If I am correct , your answer is based on the new regulation that the IR has introduced since April 2011, which does not discriminate b/ween UK holiday letting and European holiday letting . Am I right ?
And the previous year ? Would you know if there is a way of recovering anything ?
Thanks