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  • Legal FAQs

    Completing using different bank account

    Hi everyone,

    New to property tribes but find it an amazing resource so thank you everyone. We are fairly new to property and have 1 small commerical unit and just about to complete on 2 small residential leasehold flats, which is the problem we have.

    I can't seem to find anything on this, but I have a particular issue with regards to a completion.

    We have set up a new company for residential property and a new bank account. We have now receivved bank cards and account info but no access to make internet or telephone banking via this new business.

    We are due to complete shortly on 2 properties via this new business. Are we able to pay from our "parent" company and transfer this back to them once the new company bank account allows access?

    I have tried to find this on hmrc but it is a minefield.

    We are cautious as to whether this would the  be the parent company buying it when we want the new subsidiary to buy it.

    Please advise where possible. Appreciate any advice or direction where to go/look/ask.

    Thanks in advance!

    Nicola )

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    Can't you pop into your bank in person to get them to make the transfer from the correct account?

    What you suggest would be a potential  taxation nightmare.

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    Hi, thank you for taking the time to reply. In the end, we managed to go in branch with ID and do a transfer via them.

    Thank you

    Nicola

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