Tax advice on new set up company

jonniebgood1

I am looking at setting up a limited company with a colleague. We are looking at what salaries to pay our selves (less than lower threshold) and after that at the different ways that people can then legally draw money from the company- I'm looking for advice on the most beneficial way to set up and emphasise not illegal ways.

We will be putting private funds into the company. Question 1 is should we label these as loans and repay the sums to ourselves. If we do this can we avoid paying tax as the company re-pays us. The point being that as the money was earned privately over the past no. of years tax was already payed on it.

We have 2 vehicles lined up for company use. We assumed that to transfer them to the company name and then operate them on company diesel would be the way to go. Question 2 is whether it is more benifial to transfer vehicles into our private names and then claim expense for them. I suspect not as repairs etc and vehicle replacement will come into it at some stage.

The company will use storage sheds that belong privately to me. Q3= Can the company rent these off me and what are the tax implications of this situation. I bought said shed privately and they are separate to my home. Could rates be applied to the sheds in a country location?

My colleague has privately owned equipment that we will need to use in our work. Question 4 is can the company rent this off him and what are the tax implications of this.

Thanks for any help on this.

Mr. Incognito

Johnny B.............

chancing his arm.

No free advice here today.

read the charter.

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