Bought property through company but spending through personal account, is this a big problem?
I have bought a property through a company in order to may corporate tax rather than income tax however any money I have spent on doing work on the property has been through my personal bank account, is this wrong and will this now be considered against my profit?
- 7 months ago
It's a limited company (SPV) and I am currently preparing to meet with an accountant but wanted an idea of how severe the situation was prior. By issue do you mean tax?
- A HunchLv 77 months ago
What kind of company?
LLC? S-corp? Corp?
how do you pay taxes? Flow through to Schedule C? Or do you file a corp return?
You need to talk with an accountant. Also if you are mixing personal money with business money you have torn down the separation and you might be personally liable if there is an issue.