Cashing a Cheque from my limited company to myself, is it allowed?

[Alan @ BroomeAffinity]

wonga.com or suchlike. The cheque-cashing place you were thinking of using will most likely offer a payday loan as an alternative.

[Danielsjdaccountancy]

Hi, I'm new to this whole thing so just wanted some advice to make sure i don't do anything illegal.
I'm the director and owner as well as an employee of my limited company. I've got invoices due to be paid into my business account next week but am in need of urgent cash now. Am i allowed to write a cheque from my business to myself, as wages, and go and cash this at a cheque cashing company?

I'm not trying to do anything illegal here, just a short term cashflow problem. My credit rating has not been good since university so the bank will not give me an overdraft or anything.
Your responses will be greatly appreciated.

Have you incurred any start up expenditure? You could make the cheque out for that amount, this way not getting into Directors Loan territory or running the risk of eating HMRC money?

[Alan @ BroomeAffinity]

Have you incurred any start up expenditure? You could make the cheque out for that amount, this way not getting into Directors Loan territory or running the risk of eating HMRC money?

There's no money in the account. He's wanting to cash a cheque on the assumption that the funds will hit his bank before the cheque hits.

[Jeremiah@RHJAccountants]

Using a credit card or a payday loan seems the best option to me if there is no money in the account, and then when the invoices are paid you can pay off the loan or credit.

taking out a director's loan is perfectly legal and it has already been mentioned about the interest due if it is over £5,000.

can you not borrow the cash you need from a family member or friend ?

[Danielsjdaccountancy]

There's no money in the account. He's wanting to cash a cheque on the assumption that the funds will hit his bank before the cheque hits.

Yep, understand that, I'm referring to what he could offset this money as, i.e. stopping any director loan charges.