Converting Share Premium into Director's Loan Account
When I first started my company, I invested a total of £5,253. This was for 6 shares at £1 each plus a share premium of £5,247.
Approximately 6 years later, I have realised that it might have been more sensible if I'd created a Directors Loan Account instead of the Share Premium Account, and I am now wondering whether it's possible to convert the Share Premium Account into a Directors Loan Account of £5,247?
Also for information, during the 6 years, I have transferred 5 of my 6 shares to my wife so I'm assuming the share premium value should be split 5/6 to my wife and 1/6 to me. Is this correct? Obviously this is important when considering the conversion of that account into DLA's.
I look forward to your answers and suggestions.
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