Directors Loan

[omen666]

Having just submitted my first invoice I am sourcing an accountant and set my salary amounts and financial plan for the coming year.

In the meantime is it still possible to withdraw some funds as a Directors loan? Last time I contracted I remember doing this and there was a limit of £5k.

Is this correct?

[Darren@UptonAccountants]

Directors Loan

There is a £5k limit for disclosure as a benefit in kind.....in simple terms, this can be cleared before the tax year end through the use of dividends or a bonus.

If you're still looking for an accountant, drop me an email which is available on my profile, or drop me a message.

[Robot]

Why not

just sell your company all those lovely assets you have lying round the house.......Desk, Chair, Computer, Printer, software - That must be worth at least £5k!

Robot

[omen666]

just sell your company all those lovely assets you have lying round the house.......Desk, Chair, Computer, Printer, software - That must be worth at least £5k!

Robot

So how is seen by IR?

I have purchased a laptop from private funds, so I can see that as an expense claim, but office furniture?

I have built a home office at the bottom of my garden for my MBA studies, so I could convert the contents to company property? The desk, chair, shelves etc are a few years old, so can you really sell it to the company for more than a few hundred pounds?

[Darren@UptonAccountants]

Company Assets

The desk, chair, shelves etc are a few years old, so can you really sell it to the company for more than a few hundred pounds?

Yes, as long as it's a reasonable valuation.

[Bradley]

Re:Company Property

I have built a home office at the bottom of my garden for my MBA studies, so I could convert the contents to company property?

Don't put the shed into the company or you'll potentially pay tax on it when the company liquidates.

You could of course put the shed into your SIPP after 5th April next year and take rent for it from your company. That way there won't be any tax problem on liquidation.

[BlasterBates]

I have built a home office at the bottom of my garden for my MBA studies

A bit drastic this innit.

Strikes me, that doing this will make it harder, as come winter time you won't be able to force yourself into that cold wooden shed, to write an essay.... I mean no way "hosay", especially after working for eight hours. I found it hard enough moving myself 4 metres into the spare room.

The best way of doing part-time studies is with a cup of Cocoa in front of the telly, watching "Colombo" feet up in front of the fire. I discovered this after 4 years of part-time study.

[omen666]

Agreed, but when your 3 year old daughter is running around asking 'what you doing Daddy' or 'play with me Daddy' or 'Can I play on the computer Daddy?' whilst trying your trying to develop a Value Chain model from a case study you think to yourself.......god I wish I had a study at the bottom of the garden...

Especially when it looks like this....