I lent £20k to my company (am the sole director) in Feb 12 to improve the company's cash position. This £20k was basically money left in the bank after paying all corporation taxes, dividends and salaries. Have paperwork to prove this. So this is money I could have paid myself as dividend (staying below the max limit).
I borrowed about £60k from the company’s account on 1st Nov 2012 for paying deposit towards the house (a room of which is used as my business premises).
This loan was not declared in the corporation tax return submitted in Feb 13 (company’s a/c period is 1st Feb to 31st Jan) as I was expecting to repay the entire loan before 9 months from Feb 13 through income from the business, however the market’s not being kind enough.
In essence I only borrowed £40k, of which £10k has been paid monthly from my income and the 9 months of grace period has passed. Does anyone know what I could possibly do to minimise tax consequences of this irresponsible activity?
Thanks
I borrowed about £60k from the company’s account on 1st Nov 2012 for paying deposit towards the house (a room of which is used as my business premises).
This loan was not declared in the corporation tax return submitted in Feb 13 (company’s a/c period is 1st Feb to 31st Jan) as I was expecting to repay the entire loan before 9 months from Feb 13 through income from the business, however the market’s not being kind enough.
In essence I only borrowed £40k, of which £10k has been paid monthly from my income and the 9 months of grace period has passed. Does anyone know what I could possibly do to minimise tax consequences of this irresponsible activity?
Thanks
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