Thinking about taking short-term loan from my Ltd (sole director/shareholder).
New tax year already started (6th-Apr-2020)
Ltd Accounting year ends in September (2020).
Say basic amount for reference - £10K, repayable in August with annual interest equivalent of 5%.
Therefore 4 months, within single "personal tax year" and single "company accounting year"
So 4 very simple questions:
1) What are tax implications for Ltd?
2) What are tax implications for Me?
3) What are reporting requirements for Ltd?
4) What are reporting requirements for Me?
Thank you.
New tax year already started (6th-Apr-2020)
Ltd Accounting year ends in September (2020).
Say basic amount for reference - £10K, repayable in August with annual interest equivalent of 5%.
Therefore 4 months, within single "personal tax year" and single "company accounting year"
So 4 very simple questions:
1) What are tax implications for Ltd?
2) What are tax implications for Me?
3) What are reporting requirements for Ltd?
4) What are reporting requirements for Me?
Thank you.
Comment