Originally posted by Sockpuppet
Alan
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The Companies Act 2006 has removed the requirement for a Company Secretary for small companies, however this has not taken effect yet, the exact date is expected later this year.
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I spoke to my accountant earlier and he assured me I can write her a cheque as a loan from the company as long as the loan is repaid by her by the end of the tax year.Comment
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Not what I would advise!Originally posted by dotnetter
AlanComment
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Doesn't this only work for Directors?It's my opinion and I'm entitled to it. www.areyoupopular.mobiComment
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My accountant was also agianst paying Co secretary.Originally posted by Nixon WilliamsComment
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Originally posted by PAG
Although you're right (in my opinion) it isn't actually about paying them, it's about the company loaning them money.
Like I said, I thought this was only allowed to company Directors, up to £5k, and a Comp Sec. is not a Director. As Director the OP could take a loan from the company and then loan it to their partner, but they'd have to make sure it was paid back or they'd take on the tax burden.It's my opinion and I'm entitled to it. www.areyoupopular.mobiComment
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If possible could you tell me why?Originally posted by Nixon WilliamsComment
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Loans from the company can get messy. I do not know what relation she is to you but if you are connected this can be caught by the rules anyway.Originally posted by dotnetter
I cannot see the need for the loan, if you have the funds declare a dividend and keep it clean, she then owes you the money.
AlanComment
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Ok yeah I see your point, I can just use the directors loan account to pay myself and pay her and get paid back.
We live together, she is the company secretary but we arn't marriedComment
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No, No, No ! You can't use a directors loan to pay yourself.Originally posted by dotnetter
There are TWO ways of going about this.
(a) As a Director you can take a loan of up to £5k from the company, which YOU need to repay at some point. You can then loan your girlfriend the money as a private arrangement, but you're still responsible for reimbursing your own company.
(b) You can declare an interim dividend and PAY yourself what you need. You need to pay out the divi to other shareholders too, if any exist. You then loan her the money as a private arrangement. You don't need to pay back the company in this case, so it's a simpler arrangement.It's my opinion and I'm entitled to it. www.areyoupopular.mobiComment
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