Taking money out of my company

[VillageContractor]

Hi,

I was planning on buying a house next year once I've got enough for a deposit but a property has come on that is worth going. However I don't have enough for the deposit so other than taking all the dividends available, directors loan for me and my wife is there any other way to get money out of the company in the short term.

I have 5 months left on a stable contract so confident I could pay back the money within my accounting year.

Thanks

VC

[MrButton]

Hi,
so other than taking all the dividends available, directors loan for me and my wife is there any other way to get money out of the company in the short term.

No.

But you say you’re confident recouping the money before the end of your year end. So just take it as a directors loan now and repay it?

[northernladuk]

Wouldn't your accountant be able help?

[Lance]

I take it that when you talk about taking allowed dividends as well as loans that the loans are the money you owe to HMRC? Do you know what insolvency is and what it means?

If something goes wrong you could lose your house as well as all your money and go to prison.

Just save and be patient. You never know the property you want might even still be available.

[ladymuck]

Keep an eye on the property and wait. I presume you've done your research into the local market and know how long properties are taking to sell? If it's stagnant then you can afford to wait and save a little more. If it's a really fast moving market then you already run the risk of paying over the odds and it may not be as good a bet as you think.

Nothing is worth risking financial stability for. Focus on getting your affairs in order so, when the time is right, you are ready to go without bending the rules around company withdrawals.