A company director needs to repay a loan to his company before 31st December to avoid the Corporation Tax charge. To raise the £50k he needs, he is remortgaging a property he owns, but the money won't come through until the first week in January. Can he borrow the £50k from a second company of which he is a director/shareholder, use that to repay the loan from company 1 and then repay company 2 when his remortgage finance comes through, probably a week later?
Here's hoping...
BD
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As long
as money changes hands. Don't just do it by accounting entries as I've seen done in the past.