Hello
I am currently weighing up my options.
I have three choices to pay back a £75000 loan
Has anyone out got any advice on this matter? Yours truly is working for Kinsella.
PS: I am also interested in hearing about people who have left Kinsella and set up their own limited company.
I am currently weighing up my options.
"I am writing to you to enquire whether you may wish to consider terminating your employment with Kinsella Solutions, now that you have been with us for nearly two years, and taking up employment with our new company, Keypay Solutions Limited. As you are aware, you have to pay tax on the deemed interest you would expect to receive on the loans you are granted and in order to mitigate this you may now wish to repay the loans granted to you whilst an employee of Kinsella and become an exployee of Keypay."
1.You can arrange to pay the whole loan the full amount in one lump sum and you would then receive an equivalent ex-employee loan, together with the monies that are retained in the trust on your behalf.
2. You can arrange to make smaller, more affordable repayments, and after each repayment is received you would receive an ex-employee loan of an equivalent amount. This would continue until the whole amount had been repaid.
3. You can use a facility provided by Solitude Holdings Limited, details of which are attached. You would then receive a capital distribution rather than an ex-employee loan. If you are moving to Keypay the cost would be reduced by 50%.
2. You can arrange to make smaller, more affordable repayments, and after each repayment is received you would receive an ex-employee loan of an equivalent amount. This would continue until the whole amount had been repaid.
3. You can use a facility provided by Solitude Holdings Limited, details of which are attached. You would then receive a capital distribution rather than an ex-employee loan. If you are moving to Keypay the cost would be reduced by 50%.
PS: I am also interested in hearing about people who have left Kinsella and set up their own limited company.
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