directors loan


N

nigell

I was speaking to my bank today about getting my personal finances in order
and they can offer me a Business Loan which i then use to pay off my
personal debt, through a directors loan.

can anyone tell me the implications with regard to legal / tax issues

thanks
Nigel
 
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N

nigell

how can i extract money without a tax / ni hit?

Doug Ramage said:
I assume your company owes you money? If not, are you able to extract the
funds without a tax/NI hit?
 
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D

Doug Ramage

Have you spoken to your accountant, and run the deal past him/her?

I should think a business loan has a higher interest rate than a personal
one? If so, and if the tax implications are not favourable, then you may be
better off with a re-mortgage/further advance; or a personal loan with a low
interest rate.
--
Doug Ramage

nigell said:
how can i extract money without a tax / ni hit?
 

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