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Unaware of Directors loan

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    #21
    Originally posted by Jessica@WhiteFieldTax View Post
    Agree. 10, 15, maybe 20, years ago, it was the norm, but life’s now moved on. (Christ, I sound old)
    There is a good reason for that......
    'CUK forum personality of 2011 - Winner - Yes really!!!!

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      #22
      Originally posted by craigy1874 View Post
      There is no need to run everything through a director's loan account. In fact, I think it is a terrible idea.

      Pay your salary separately and base it on your payslip.
      Pay your dividend(s) separately and prepare your divi minute/voucher.
      Pay your expenses separately based on your expense claim.
      If you want to take a loan, take that separately.

      Taking 'drawings' and putting them to your loan to then 'sort it out' at month/year end is just asking for trouble IMO.
      Agreed but let’s be honest not all contractors are financially savvy and many just take money from the bank with no paper trail, so processing it all through a director’s loan account is often the easiest way.
      "The budget should be balanced, the Treasury should be refilled, public debt should be reduced, the arrogance of officialdom should be tempered and controlled, and the assistance to foreign lands should be curtailed lest Rome become bankrupt. People must again learn to work, instead of living on public assistance." Cicero

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        #23
        Originally posted by northernladuk View Post
        There is a good reason for that......
        Bog off

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