Yes, I completely understand. I will repay the loan, contact an accountant to calculate tax, and deal with any consequences if they come. I'll move some of my clients to my Ltd company so that it at least has some income coming in.
I make around £100,000 as a sole trader. I had planned to move my business to the Ltd company but never got around to it.
I could do this now in theory and therefore the company would begin making money.
So how could I put the £5,000/month back into the business to pay the loan off?
So should I pay back the loan in its entirety over the next few months and then speak to an accountant to work out how much I need to pay in tax?
SXGuy wrote: What would I do in your situation? Pay it back. Obviously.
What would I do in your situation? Pay it back. Obviously.
Yes, of course. I am just asking how I should go about this so it's legal and any tax that I might owe is also paid.
My answers
Yes, I completely understand. I will repay the loan, contact an accountant to calculate tax, and deal with any consequences if they come. I'll move some of my clients to my Ltd company so that it at least has some income coming in.
I make around £100,000 as a sole trader. I had planned to move my business to the Ltd company but never got around to it.
I could do this now in theory and therefore the company would begin making money.
So how could I put the £5,000/month back into the business to pay the loan off?
So should I pay back the loan in its entirety over the next few months and then speak to an accountant to work out how much I need to pay in tax?
Yes, of course. I am just asking how I should go about this so it's legal and any tax that I might owe is also paid.