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- Jul 23, 2014
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Hi All,
I am looking for some advice on peer-to-peer lending, sing current business holdings...
Can I do it?
I have about £20k left idle in my business account and I wonder if it is acceptable (primarily to the taxman) for me to lend this money through a peer-to-peer provider (eg Funding Circle) without going through the director's loan hoops. Basically I would like to put the £20k into an account and loan it out, almost indefinitely, in order to achieve a 5%+ return (which I presume would be taxable).
It may help to know that I do have an accountant and I have asked him; I am just looking for anyone with experience of doing this really, either themselves or through a client.
Also, it may help to know that I leave the money in my business to cover periods of inactivity, and I am happy to leave it there.
Cheers,
Roger Pearson
I am looking for some advice on peer-to-peer lending, sing current business holdings...
Can I do it?
I have about £20k left idle in my business account and I wonder if it is acceptable (primarily to the taxman) for me to lend this money through a peer-to-peer provider (eg Funding Circle) without going through the director's loan hoops. Basically I would like to put the £20k into an account and loan it out, almost indefinitely, in order to achieve a 5%+ return (which I presume would be taxable).
It may help to know that I do have an accountant and I have asked him; I am just looking for anyone with experience of doing this really, either themselves or through a client.
Also, it may help to know that I leave the money in my business to cover periods of inactivity, and I am happy to leave it there.
Cheers,
Roger Pearson