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Second home for work at different location

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jtr63
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Second home for work at different location

#500829

Postby jtr63 » May 16th, 2022, 4:58 pm

I am considering an offer to transfer to a different part of my current company. I am currently carrying out work on secondment and getting travel and accommodation paid for on expenses. This would alter if I were to make the secondment permanent. Moving the family en-masse is not an option. One consideration is buying a second property near to the new location. This might then be available for air b'n'b or similar for the weekends. Would it be worth looking at setting up a company to own the second home ? Could expenses such as insurance, utilities be claimed as expenses by the company ? Or is such scheming just too complicated for any benefits that may accrue ? Any background reading on such would be welcome.
TIA
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Re: Second home for work at different location

#500940

Postby Charlottesquare » May 17th, 2022, 11:34 am

I am not sure if you wish to use the property yourself that a company is the correct owner, I suspect owning in your own name or with spouse might sit more comfortably (Benefit in kind issues and SDLT issues are the two issues springing to mind in the first instance but there will no doubt be others)

In addition if you could get it qualifying as a FHL in personal names (however quite high occupancy and availability needed to qualify ) the future CGT treatment might be more favorable, qualifying for business asset disposal relief.

I would have a chat with an accountant.


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