Question regarding directors loan and BIK

[TykeMerc]

If you guys say so
i had an itch to hide it and repay back before anyone notices, and pocket the interest...

Awww and this is after you wobbled on about investing your money in the business. Since you also claimed you're relatively new to the contract game, only 1 or two contracts in as well, there's no inconsistencies in the tales you're posting are there? If you're going to troll at least get your story vaguely straight.

Please, please, please, fill your boots and get done for criminal evasion, it would at least add some flavour to your trolling, it would give us all a good laugh.

[diseasex]

Awww and this is after you wobbled on about investing your money in the business. Since you also claimed you're relatively new to the contract game, only 1 or two contracts in as well, there's no inconsistencies in the tales you're posting are there? If you're going to troll at least get your story vaguely straight.

Please, please, please, fill your boots and get done for criminal evasion, it would at least add some flavour to your trolling, it would give us all a good laugh.

what exactly are you talking about? i was considering using vat and CT money for interest. But i guess, based on opinions , its not worth the risk as its pennies..
Dude your paranoia isnt funny anymore

[NotAllThere]

If you guys say so
i had an itch to hide it and repay back before anyone notices, and pocket the interest...

Keep it below 10K and repay before the deadline and there's no issue, if you record it. There is no "before anyone notices", since if HMRC investigate you, they'll spot the money leaving your business account. Your accountant will notice the transaction when he does the accounts - or doesn't he see your bank statements?

If you take <£10'000 and don't record it, and you are investigated, HMRC will go over your accounts with a fine-toothed comb once they've spotted unaccounted transactions. If you take more (or repay too late), then you're looking at prosecution for evasion.

Can you see now why some members think you are trolling? You're certainly asking some spectacularly stupid questions.

[diseasex]

Keep it below 10K and repay before the deadline and there's no issue, if you record it. There is no "before anyone notices", since if HMRC investigate you, they'll spot the money leaving your business account. Your accountant will notice the transaction when he does the accounts - or doesn't he see your bank statements?

If you take <£10'000 and don't record it, and you are investigated, HMRC will go over your accounts with a fine-toothed comb once they've spotted unaccounted transactions. If you take more (or repay too late), then you're looking at prosecution for evasion.

Can you see now why some members think you are trolling? You're certainly asking some spectacularly stupid questions.

Maybe I expressed my question wrongly: based on what I've understood on hmrc website ( I believe it's quite ambiguous) l don't need to pay bik if I'd submit accounts that didn't have director Loan on it . Hence my question. I guess I can't

[TykeMerc]

what exactly are you talking about? i was considering using vat and CT money for interest. But i guess, based on opinions , its not worth the risk as its pennies..
Dude your paranoia isnt funny anymore

Well you claimed that you were a whizz at investing the funds spare in your Ltd accounts, yet you've only just started contracting according to your own posts, it's somewhat inconsistent, to the point of looking like it's a total fabrication.

http://forums.contractoruk.com/futur...-2016-a-7.html

Your posts on that thread for example, if you did what you claim in there it would mean you haven't the money spare to try the absurd financial acrobatics and wild stupidity in this thread.

Maybe I expressed my question wrongly: based on what I've understood on hmrc website ( I believe it's quite ambiguous) l don't need to pay bik if I'd submit accounts that didn't have director Loan on it . Hence my question. I guess I can't

Your accountant can and will clarify the truth on that in a 2 minute call. Absurdity.

[diseasex]

Well you claimed that you were a whizz at investing the funds spare in your Ltd accounts, yet you've only just started contracting according to your own posts, it's somewhat inconsistent, to the point of looking like it's a total fabrication.

http://forums.contractoruk.com/futur...-2016-a-7.html

Your posts on that thread for example, if you did what you claim in there it would mean you haven't the money spare to try the absurd financial acrobatics and wild stupidity in this thread.



Your accountant can and will clarify the truth on that in a 2 minute call. Absurdity.

Investing spare cash after tax in risky instruments is one thing , putting cash you owe to hmrc for vat on risk free 3% where you need to withdraw it every 3 months is something else

[northernladuk]

Investing spare cash after tax in risky instruments is one thing , putting cash you owe to hmrc for vat on risk free 3% where you need to withdraw it every 3 months is something else

Yeah it's called possible tax evasion... Still...

[TykeMerc]

Investing spare cash after tax in risky instruments is one thing , putting cash you owe to hmrc for vat on risk free 3% where you need to withdraw it every 3 months is something else

Nope in that thread you said investing the money not drawn down as dividends, but what the hell, why bother to keep things consistent?

People have told you that what your most recent "bright idea" (ok, it's a bonehead idea really)amounts to, I'm sure we would love you to do it and get brutally molested by HMRC as a result.

[cojak]

I think that all the advice that can be given has been given so I'm closing this thread.