Originally posted by diesel
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Moving Company Cash to Personal Accounts
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Originally posted by jimbob12 View PostThanks for the pointers. I have opened an company account with AIB and intend to put some of the retained profits there for a while. Am hoping my accountant says I can take some as a loan and move some into my own personal account too and pay it back before company tax year end. If I can, and lets say I get net interest, wonder how much of that I would have to pay the company since I would have paid tax on it already. Say I made 1K net interest on 20K capital over the next 10 months....how much of that would be reasonable to give the company on repayment of the loan. Service fee is an interesting idea. What is a reasonable service fee for all this hassle .. 1% ?
I think HMRC would disallow any 'service fee' you charge the company for taking a loan - and even if they didn't it would likely be taxable income on you so you need to factor that into the cost/benefit analysis too. The company lending you money is a benefit to you, not the other way round.Comment
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I notice CaterAllen has its own banking licence but its also guaranteed by Abbey. But ultimately both are part of Santander.
So if I have 50K in Cater Allen, and 50K in Abbey, and Santander goes belly up, am I protected for 100K ?Comment
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