Directors Loan

[vj121982]

Hi Experts,

I need your expert advise, I have taken a director's loan for my myself being the director in dec 12. My companies accounting period runs from Oct - Sep every year. My query is there is suppose to be a 4% interest which I need to pay my company back, apparatently when I took the loan I did not do due deligence and was just aware that I need to pay it completely back within 9 months of company accounting period ends to avoid any co-operation tax. I am running 09th month since I took the loan, just wondering what happens with the interest I missed to pay till now, will it be fine if I pay the interest for the entire year now? Please advise, the amount I took out as directors loan is 50K GBP.

Thanks in advance.

[captainham]

I need to get an accountant

FTFY

[cojak]

And because you do I'll move it to the right forum.

[Sockpuppet]

You have been paying interest since you took the loan out though. That's what your company accounts show isn't it. I mean a transaction every month for 0.33% of the loan.

If you have no idea at the massive hint I'm dropping, you really need an accountant.

[northernladuk]

Hi Experts,

I need your expert advise, I have taken a director's loan for my myself being the director in dec 12. My companies accounting period runs from Oct - Sep every year. My query is there is suppose to be a 4% interest which I need to pay my company back, apparatently when I took the loan I did not do due deligence and was just aware that I need to pay it completely back within 9 months of company accounting period ends to avoid any co-operation tax. I am running 09th month since I took the loan, just wondering what happens with the interest I missed to pay till now, will it be fine if I pay the interest for the entire year now? Please advise, the amount I took out as directors loan is 50K GBP.

Thanks in advance.

Firstly it is advice you are looking for and not advise...

Secondly you admit you did a pretty poor job of reseraching this first and it appears you are continuing to do a pretty poor job of it. You are so deep in the doo doo with this one you really need to do things a bit better. There are plenty of threads about this if you try the search method as described below...
http://forums.contractoruk.com/welco...uk-forums.html

Also you would be much better getting some professional advise and not asking on a free forum of contractors where a couple of accountants give their time for free but don't really care at the end of the day.

Google would also be a better bet for you than just asking here as well.

If you are going to start pulling sums like that out of your company without researching you are going to have to be prepared for some real problems. The fact you think you think it is called 'co-operation tax' is just shameful.

Remember as a director you are legally responsible for your company's finances. I would say from reading this your are failing that responsibly miserably. I can only think with this level of knowledge you are just a troll.

[northernladuk]

HM Revenue & Customs: Directors' loan accounts and Corporation Tax explained

[TheFaQQer]

Also you would be much better getting some professional advise...

advice

Muphry's law?

[northernladuk]

advice

Muphry's law?

I am so made of fail it hurts!

[GillsMan]

I am so made of fail it hurts!

Haha, that's the second grammar nazism fail I've read of yours today!

[northernladuk]

Haha, that's the second grammar nazism fail I've read of yours today!

LOL great picture that. I just want to be as clever as TheFaQQer but coming from Yorkshire and correcting English don't really go hand in hand..... I can only learn from my mistakes which would make one think I have learned a lot.. but it seems not.