I recently set up a company where both my wife and I are directors. We jointly own a property which we rent out on Airbnb. All bills are in our joint names. As the property is only used for short-let activities through the company, can I deduct this from my company’s income? They are already taken from the company account, but the bills remain in the directors' names. Also, can the property remain in our names? 

Arthur replies: 

If the property is in the name of you and your wife, and the bills are also in the name of you and your wife, then the company has nothing to do with the property. The property income is your personal income, and the property expenses are your personal expenses. If the company pays these bills, you are in effect taking money out of the company because the company is meeting your 'pecuniary liability', and this is a benefit-in-kind for you and your wife. See HMRC’s Employment Income Manual at EIM00580 and EIM00590.