I have a builder company client. He wants to set up another company to buy residential property & rent out.
He wants to know if he could transfer £380,000 from his existing company to his new company, thus showing a loan in both accounts.
Can this be done & would HMRC accept this type of arrangement?
My feeling is that it can't be done not least because the two companies would be connected?!
Surely HM Revenue would see this simply as a form of tax avoidance?
Thoughts much appreciated
Simpsonite
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