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Last edited by east_of_the_sun; 4 December 2009, 17:17. -
It's OK
Not an issue if you don't make it one. I've done a few times with large purchases (cars, house deposits) and paid it back in the next financial year. In your case, you have a perfect scapegoat - your ex-accountant. I suggest though you get a competent one to verify this. HMRC tend to believe anything that is signed by an (even better: chartered) accountant and dispute anything that is done by a company director doubling up as a diy accountant. -
The thing to watch out for is that it was paid back within 9 months of Co. year end. If it wasnt then it becomes liable to tax at, IIRC, 25%
Technically an oversize directors loan can only cause problems if shareholders complain about it. Since presumabley you are the only shareholder this should never be an issue!
Make sure it's accounted for and paid back within the 9 month time limit and you should be fine."Being nice costs nothing and sometimes gets you extra bacon" - Pondlife.Comment
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