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£50K Interest Free Loan for 12 Months

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    #21
    Use it to pay off Loan Charge (partially or in full), move to a brolly and then let the creditors wind the company up.

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      #22
      Originally posted by Old Greg View Post
      Use it to pay off Loan Charge (partially or in full), move to a brolly and then let the creditors wind the company up.
      I know this is a flippant suggestion, but the Loan Charge is a personal tax so you'd have to extract the loan funds from the company first.

      Perhaps transfer the funds to an offshore trust, who can lend it back to you, tax free, with a pinky-promise that you'll never need to pay it back (honest guv, search the documents, there's no word loan in there anywhere).
      Last edited by Paralytic; 28 April 2020, 13:25.

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        #23
        Originally posted by Paralytic View Post
        I know this is a flippant suggestion, but the Loan Charge is a personal tax so you'd have to extract the loan funds from the company first.

        Perhaps transfer the funds to an offshore trust, who can lend it back to you, tax free, with a pinky-promise that you'll never need to pay it back (honest guv, search the documents, there's no word loan in there anywhere).
        Maybe you'll just have to pay yourself 50k salary and take the tax hit.

        Comment


          #24
          Originally posted by Paralytic View Post
          I know this is a flippant suggestion, but the Loan Charge is a personal tax so you'd have to extract the loan funds from the company first.

          Perhaps transfer the funds to an offshore trust, who can lend it back to you, tax free, with a pinky-promise that you'll never need to pay it back (honest guv, search the documents, there's no word loan in there anywhere).
          No, no, just pay it directly from YourCo and fake an invoice pretending you bought a very expensive desk and special chair for your achy back. Capitalise those then "lose" them - maybe fire or theft - and write off the assets so they can't be repossessed against your debts.

          Simples.

          EDIT: for bonus points, claim on your home insurance for the replacement value of said desk and chair

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            #25
            Has anyone seen any details on this loan yet? Could one use it to expand their business, spend on staff, office costs & marketing etc?
            Make Mercia Great Again!

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              #26
              Originally posted by BlueSharp View Post
              Has anyone seen any details on this loan yet? Could one use it to expand their business, spend on staff, office costs & marketing etc?
              Doesn't open until May 4, but why not? Even if there were a scope (there won't be), all of those you mention would clearly be within scope. There won't be any restrictions on how you spend it, providing you pay it back

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                #27
                Originally posted by jamesbrown View Post
                Doesn't open until May 4, but why not? Even if there were a scope (there won't be), all of those you mention would clearly be within scope. There won't be any restrictions on how you spend it, providing you pay it back
                Worth a punt especially if there is no director guarantee is required like many commercial loans these days and the interest rates are not ridicules. This time next year Rodders...
                Make Mercia Great Again!

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                  #28
                  Originally posted by BlueSharp View Post
                  Worth a punt especially if there is no director guarantee is required like many commercial loans these days and the interest rates are not ridicules. This time next year Rodders...
                  Indeed, I’m investing in scooty tips


                  Sent from my iPhone using Contractor UK Forum

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                    #29
                    Originally posted by BlueSharp View Post
                    Worth a punt especially if there is no director guarantee is required like many commercial loans these days and the interest rates are not ridicules. This time next year Rodders...
                    Exactly, why not?

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                      #30
                      Originally posted by jamesbrown View Post
                      Exactly, why not?
                      This time next year we might be deed

                      Especially fatso members
                      Old members
                      Old fat members

                      Make hay


                      Sent from my iPhone using Contractor UK Forum

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