Hello. In January 2019, the company loaned me less than £10k that I used to help pay for renovations before the tax year started. I paid the loan back in full at the start of December 2019.
This year I’m in a similar situation. We have a growing family and need to upgrade from a 3-door car. I want to get the car in March just before the new tax year starts.
I’ve read a bit about Director’s Loans and bed and breakfasting and my understanding is that if the loan is less than £15k, you need to wait 30 days after repaying before borrowing more money. Is it that simple? My accountant said wait about 4 months but I’m not sure where that came from.
Thanks.
This year I’m in a similar situation. We have a growing family and need to upgrade from a 3-door car. I want to get the car in March just before the new tax year starts.
I’ve read a bit about Director’s Loans and bed and breakfasting and my understanding is that if the loan is less than £15k, you need to wait 30 days after repaying before borrowing more money. Is it that simple? My accountant said wait about 4 months but I’m not sure where that came from.
Thanks.
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