Hi,
I have a Overdrawn Directors Loan account for roughly £60,000. Its been overdrawn for few years now and I have also paid the s445 tax to HMRC when the loan was taken out.
There is a healthy balance upwards of £200,000 profits available in the company.
I would like to close down the company via MVL route and take the money out but don't have access to £60k personally to close the loan first (unless I take dividend on high tax bracket). I am doing an inside IR35 contract currently and planning to switch to permanent role.
What are my options of doing an MVL without actually borrowing money to close the loan first? In lieu settlement options and are there specialists to deal with such situations?
Once I get the money I plan to invest in BLT via a SPV. Another option is to switch current company to SPV there by losing the MVL option and potentially leaving the SPV open to any IR35 enquiry for past contracting.
My accountant has given me one option of settling the directors loan first before using their services for MVL.
Please throw some options if you have seen and heard it all before....
I have a Overdrawn Directors Loan account for roughly £60,000. Its been overdrawn for few years now and I have also paid the s445 tax to HMRC when the loan was taken out.
There is a healthy balance upwards of £200,000 profits available in the company.
I would like to close down the company via MVL route and take the money out but don't have access to £60k personally to close the loan first (unless I take dividend on high tax bracket). I am doing an inside IR35 contract currently and planning to switch to permanent role.
What are my options of doing an MVL without actually borrowing money to close the loan first? In lieu settlement options and are there specialists to deal with such situations?
Once I get the money I plan to invest in BLT via a SPV. Another option is to switch current company to SPV there by losing the MVL option and potentially leaving the SPV open to any IR35 enquiry for past contracting.
My accountant has given me one option of settling the directors loan first before using their services for MVL.
Please throw some options if you have seen and heard it all before....
Comment