Have not discussed with my accountant yet, but was wondering what the rules are on taking a loan from your LTD for a short period of time.
Lets say for example you have £40k in your bank account.
£20k is put aside for corporation tax for 2011/2012 that needs to be paid in Sept 2012.
£5k put aside for VAT to be paid in a few months.
£8k put aside for Self Assessment tax
Bearing in mind I know I have to pay some interest on a loan. Can I take the £33k out for a 6 week short-term directors loan or is there an insolvency issue here???
I should add, I'm happy to take loans against the LTD for money I know will be paid out in divvies, this is about going into HMRCs money.
Lets say for example you have £40k in your bank account.
£20k is put aside for corporation tax for 2011/2012 that needs to be paid in Sept 2012.
£5k put aside for VAT to be paid in a few months.
£8k put aside for Self Assessment tax
Bearing in mind I know I have to pay some interest on a loan. Can I take the £33k out for a 6 week short-term directors loan or is there an insolvency issue here???
I should add, I'm happy to take loans against the LTD for money I know will be paid out in divvies, this is about going into HMRCs money.
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