I have set up a new company recently and currently do not take all the cash out of the business which is not earning a very good interest rate.
If I loan the spare cash to my personal bank account, will this cause any tax or other problems
I was planning to effectively draw the cash out every month/2months and repay it all back just before the year end so that the year end accounts show a nil balance.
During the year I would also account for any dividends or salary payments by netting them off the loan account.
- Xerocon 2016 1,024 24
- Entrepreneurs' Relief upon sale of a cash rich company 2,193 41
- buying asset and settling vendor's debt 244 6
- Posting invoices with balance brought forward 270 7
- HMRC now overriding SA bank repayment details on tax returns 607 12
- Personal Tax 510 11
- USA Tax Query 184 1
- Disengagement Help! 1,663 25
- Is HMRC Basic Tools basically wrong? 946 6
- Expenses paid by director (the comapny owner) 307 2
- Write an article on latest tax changes for landlords. 604 18
- Corrupt Excel File 675 10
- Website costs (intangible assets) tax relief 356 4
- Is Xero payroll as rubbish as I suspect it is? 1,982 43
- Locked Out of HMRC Online Account - HMRC Not Responding 290 2
- Re-Training costs - tax reief 419 7
- Capital Gain on Share Disposal with Held Over Gains 184 1
- 64-8's amazingly quick 355 4
- last minute request 528 5
- VAT - Check on clients business 1,258 46