Hi All,
I own a residential property in Auckland which is tenanted whilst I am living in the UK.
I have recently received a letter from my accountants informing me of the changes that are in progress for LAQC companies. If these changes do come to fruition my accountants are suggesting that I move from an LAQC to a Look Through Company (LTC).
Because I am living in the UK this means that I don't really have any income, aside from the rental income which I have to top up every month. Because the exchange rate remains weak my father is covering my loan repayments, whilst I am saving the equivalent of these payments in GBP. When the exchange rate improves I will obviously repay him .
I am wishing to permanently move back to New Zealand in the next 12-24 months, reside in my rental property, and set up my own business therefore I am trying to ascertain the risks and considerations I should be taking into account when considering this change to a Look Through Company. Would be grateful for advice on these risks, and of course if there is any reason why I shouldn't go down this route, or if there is a preferable alternative?
I appreciate your feedback on this.
Thanks
Scott
I own a residential property in Auckland which is tenanted whilst I am living in the UK.
I have recently received a letter from my accountants informing me of the changes that are in progress for LAQC companies. If these changes do come to fruition my accountants are suggesting that I move from an LAQC to a Look Through Company (LTC).
Because I am living in the UK this means that I don't really have any income, aside from the rental income which I have to top up every month. Because the exchange rate remains weak my father is covering my loan repayments, whilst I am saving the equivalent of these payments in GBP. When the exchange rate improves I will obviously repay him .
I am wishing to permanently move back to New Zealand in the next 12-24 months, reside in my rental property, and set up my own business therefore I am trying to ascertain the risks and considerations I should be taking into account when considering this change to a Look Through Company. Would be grateful for advice on these risks, and of course if there is any reason why I shouldn't go down this route, or if there is a preferable alternative?
I appreciate your feedback on this.
Thanks
Scott
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