All,
I have gone thru HMRC websie on this but wasn't 100% sure hence asking here -
I started my limited company in Aug 2013. My Account advises me that my first tax returns will be filed 9 months after the first year end so - May 2015 (Aug 2014 + 9 months). I wanted to double check:
1> If I took a loan during the first year of my company, then do I have to reply it fully by Aug 2014 or can I reply it by May 2015 without paying additional corporate tax on the outstanding loan?
2> If it needs to be paid by Aug 2014 then if I reply it, can I avail another loan say by Sep 2014 and reply it by May 2015?
3> Would taking a director's loan increase chances of HMRC review/investigation into company's finances? Are there any such experiences amongst you? How common is it to avail a director's loan? Is this something perceived "fishy" by HMRC (though I intend to be genuine and reply it with interest?)
4> What's the minimum interest rate acceptable by HMRC on director's loan?
Your responses will help me plan my financials.
Many thanks in advance!
Regards,
Geekman.
I have gone thru HMRC websie on this but wasn't 100% sure hence asking here -
I started my limited company in Aug 2013. My Account advises me that my first tax returns will be filed 9 months after the first year end so - May 2015 (Aug 2014 + 9 months). I wanted to double check:
1> If I took a loan during the first year of my company, then do I have to reply it fully by Aug 2014 or can I reply it by May 2015 without paying additional corporate tax on the outstanding loan?
2> If it needs to be paid by Aug 2014 then if I reply it, can I avail another loan say by Sep 2014 and reply it by May 2015?
3> Would taking a director's loan increase chances of HMRC review/investigation into company's finances? Are there any such experiences amongst you? How common is it to avail a director's loan? Is this something perceived "fishy" by HMRC (though I intend to be genuine and reply it with interest?)
4> What's the minimum interest rate acceptable by HMRC on director's loan?
Your responses will help me plan my financials.
Many thanks in advance!
Regards,
Geekman.
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