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£50K Interest Free Loan for 12 Months

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    Originally posted by GhostofTarbera View Post
    Not if it’s a loan


    Sent from my iPhone using Contractor UK Forum
    what do you mean?

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      Originally posted by xenomorph View Post
      the whole using it to clear credit cards dont make sense
      if you take out say £8k and cleared off the cards then you would need to take it as dividends and pay income tax on it after 12 months. So you be paying back loan plus tax.
      Not if you're not working through a LTD

      Sent from my ONEPLUS A6003 using Tapatalk
      Originally posted by MaryPoppins
      I'd still not breastfeed a nazi
      Originally posted by vetran
      Urine is quite nourishing

      Comment


        Originally posted by d000hg View Post
        Not if you're not working through a LTD

        Sent from my ONEPLUS A6003 using Tapatalk
        how would that work?
        if you transfer the BBL amount to your own bank as a Loan then you have to pay back the loan in 9 months which would need to be via extra dividends which will get taxed.
        If you transfer as dividends then you get taxed on the extra amount as you will not be able to stay in first tax band if you are paying yourself up to £38k to stay in lower tax band.

        Comment


          Originally posted by xenomorph View Post
          how would that work?
          if you transfer the BBL amount to your own bank as a Loan then you have to pay back the loan in 9 months which would need to be via extra dividends which will get taxed.
          If you transfer as dividends then you get taxed on the extra amount as you will not be able to stay in first tax band if you are paying yourself up to £38k to stay in lower tax band.
          If you're not working through a LTD there are no dividends.

          Sent from my ONEPLUS A6003 using Tapatalk
          Originally posted by MaryPoppins
          I'd still not breastfeed a nazi
          Originally posted by vetran
          Urine is quite nourishing

          Comment


            Originally posted by d000hg View Post
            If you're not working through a LTD there are no dividends.

            Sent from my ONEPLUS A6003 using Tapatalk
            oh haha
            i read that as not if you ARE working through LTD

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              Originally posted by xenomorph View Post
              oh haha
              i read that as not if you ARE working through LTD
              Don't forget that proof reader I mentioned for your contractual paperwork...
              'CUK forum personality of 2011 - Winner - Yes really!!!!

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                Originally posted by northernladuk View Post
                Don't forget that proof reader I mentioned for your contractual paperwork...

                Comment


                  Cater are still looking to do this through Santander.

                  Will update as and when.

                  Comment


                    only way I see of using it without increase of self assessment taxes is keeping loan in company and then paying it back. so only using it as a backup if you have no clients.

                    Comment


                      Originally posted by xenomorph View Post
                      only way I see of using it without increase of self assessment taxes is keeping loan in company and then paying it back. so only using it as a backup if you have no clients.
                      Well it is a loan to help businesses survive, not fund mortgages...
                      'CUK forum personality of 2011 - Winner - Yes really!!!!

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