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APN and paying from your limited account

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    APN and paying from your limited account

    Sorry if this has been answered else where but I cant find the solution.

    I have an offer to repay an APN for 08/09 with Zansar and I wonder how I pay now I am limited??

    If I pay myself more wages/Dividends for this tax year then I will potentially put myself in the higher tax bracket thus being screwed again on tax.

    Is there any sort of relief or means of accounting for this out of my limited?
    ---------------------------------------------------
    Recruitment consultants were sent to punish us all!

    #2
    No. It's a personal liability and nothing to do with your co.

    Depending on the amounbt of the APN you could give yourself a directors loan, but that still has to be paid back or you end up paying tax on that anyway. You could loan the money and pay interest on it at the HMRC approved rate, but that will still cost you more, although not as much as the tax on extra dividends or an unpaid loan.

    Talking to your accountant is probably a good idea.
    "Being nice costs nothing and sometimes gets you extra bacon" - Pondlife.

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      #3
      Originally posted by Crusoe101 View Post

      I have an offer to repay an APN for 08/09 with Zansar
      Wow, you make it sound like it's a good thing Fair plays to your optimism
      Last edited by regron; 28 October 2015, 10:30.
      STRENGTH - "A river cuts through rock not because of its power, but its persistence"

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        #4
        An offer...
        Help preserve the right to be a contractor in the UK

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          #5
          NEVER mistake your company's money as your own.

          The APN is personal and has to be met by you.

          If your company paid it, then they have met your liability and that is a taxable benefit.
          Best Forum Adviser & Forum Personality of the Year 2018.

          (No, me neither).

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