£50K Interest Free Loan for 12 Months

[ladymuck]

Well..surely its subject to usual ltd/hmrc rules now its in your account..my understanding is that it cant be used for dividends ?

It's yours to do with as you see fit for your company. If you have the retained profits but lack the cash then, yes, you could use it for a dividend.

[andydd68]

And no one will ever check what you use it for


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Well..surely its subject to usual ltd/hmrc rules now its in your account..my understanding is that it cant be used for dividends ?

[Spoiler]

Impressed with Starling Bank - 3hr32min from application to cash in the company's account

[GhostofTarbera]

The scheme does bypass a lot of the usual checking requirements IIRC

And no one will ever check what you use it for


Sent from my iPhone using Contractor UK Forum

[ladymuck]

The scheme does bypass a lot of the usual checking requirements IIRC

[andydd68]

Anyone got this loan with bad credit and or with any do tech banks like Tide? Waiting for a lender that doesn’t require you to bank with them.

What did you also submit for trading history?

Cheers

Yes !. My personal credit rating is awful, but I got a business loan from Barclay (but I do bank with them), I dont believe they did a credit check.

[northernladuk]

I am sure they could come up with some ridiculous reason.

Give it a rest.

[ihatebeingageek]

Anyone got this loan with bad credit and or with any do tech banks like Tide? Waiting for a lender that doesn’t require you to bank with them.

What did you also submit for trading history?

Cheers

[elsergiovolador]

I don't think you've pointed out on what basis HMRC might claim a loan to a company could be regarded as disguised remuneration to a director/employee of that company. Flawed or otherwise.

I am sure they could come up with some ridiculous reason.

[Paralytic]

I am just pointing out how I see the HMRC may react - their logic has been flawed for some time.

I don't think you've pointed out on what basis HMRC might claim a loan to a company could be regarded as disguised remuneration to a director/employee of that company. Flawed or otherwise.