Commercial Loans

[Alan @ BroomeAffinity]

What are you asking that hasn't already been answered?

[SandyD]

What are you asking that hasn't already been answered?

Alan you have answered and that should be suffice for you. You can move on now and not read this thread any further if it really annoys you.

[Alan @ BroomeAffinity]

No problem. Hopefully somebody else who also knows what they're talking about will come along and tell you exactly the same soon.

[Pondlife]

Alan you have answered and that should be suffice for you. You can move on now and not read this thread any further if it really annoys you.

Or you could just say thank you for the free professional advice from a qualified person.

Jeez.

[WordIsBond]

No problem. Hopefully somebody else who also knows what they're talking about will come along and tell you exactly the same soon.

What are the odds a moderator closes this thread first?

[WTFH]

What are the odds a moderator closes this thread first?

But Sandy hasn't got the answer s/he is looking for yet. What's more likely is that the thread gets moved to General.

[SandyD]

But Sandy hasn't got the answer s/he is looking for yet.

Yes, I got my answer from here, and from my accountant, this thread can be closed if mod like.

[WordIsBond]

But Sandy hasn't got the answer s/he is looking for yet.

I'd say, in General, s/he/it has got the answer deserved.

[SandyD]

In fact WordIsBond, you gave me exactly the answer I am looking for

.

If you want to know how to enter this loan on your sole trader business balance sheet, you can enter it as a liability if you want. It isn't income for your sole trader business. You can write an IOU, or not. You can keep it in a safe or whatever. Nobody cares what you do there.

i.e. most likely as a sole trader the business loan wont be considered as a BIK, or be taxed on it as an income ( of course this is not certain)

.If you want to know how to reflect it on your ltd co accounts, it is a directors loan,

Yep, agreed.

[vwdan]

i.e. most likely as a sole trader the business loan wont be considered as a BIK, or be taxed on it as an income ( of course this is not certain)

ONLY IF THE LOAN IS NOT FROM A LTD COMPANY

I hope you're trolling at this point.