Morning all
*I'll be sending this question to my accountant later but I'm interested to hear your views and/or experience in this
Let's say I take a directors loan of 15k and then invest that in crypto. If that crypto gains 5k in value and is realised/sold, what position would that leave me (and my company) in in terms of tax obligations?
If that 15k is repaid back to the company within the y/e + 9 months period, would that fulfill the reporting requirements on the company side?
...and the 5k gain, would that be classed as a capital gain to me personally that can be used against the capital gains free allowance?
I have surplus funds in my company and trying to decide what's that best route to take to invest some of it in crypto:
1. Directors Loan: buy as individual (as above)
2. Loan to another company set up purely for crypto (I will be sole director/shareholder on both) and buy through the new company
3. Buy the crypto through my current (IT contracting) company. ( Worried that the crypto trading would affect ER)
4. Withdraw as dividend and invest personally (I think this would be least desirable route)
Any thoughts much appreciated
Thanks
*I'll be sending this question to my accountant later but I'm interested to hear your views and/or experience in this
Let's say I take a directors loan of 15k and then invest that in crypto. If that crypto gains 5k in value and is realised/sold, what position would that leave me (and my company) in in terms of tax obligations?
If that 15k is repaid back to the company within the y/e + 9 months period, would that fulfill the reporting requirements on the company side?
...and the 5k gain, would that be classed as a capital gain to me personally that can be used against the capital gains free allowance?
I have surplus funds in my company and trying to decide what's that best route to take to invest some of it in crypto:
1. Directors Loan: buy as individual (as above)
2. Loan to another company set up purely for crypto (I will be sole director/shareholder on both) and buy through the new company
3. Buy the crypto through my current (IT contracting) company. ( Worried that the crypto trading would affect ER)
4. Withdraw as dividend and invest personally (I think this would be least desirable route)
Any thoughts much appreciated
Thanks
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