Can I borrow £100k from my limited company just for a few days?

[Code]

Thanks a TON people!

[TheCyclingProgrammer]

Thank you.

Am I ok if I pay daily interest (at HMRC listed rates) into the company bank account for the period ?
As I said it'll be only for a few days. I will be repaying it all in a week.

Just accrue the interest as additional debits to the director loan account (credit income) and repay the total at the end. The interest will be taxable income for the company.

[ladymuck]

And the interest is income that you can then withdraw at a later date


(subject to taxes and proper process being followed)

[Lance]

Thank you.

Am I ok if I pay daily interest (at HMRC listed rates) into the company bank account for the period ?
As I said it'll be only for a few days. I will be repaying it all in a week.

let your accountant handle the details when he's back.
No need for it be done now.

But in short. Yes. You pay any interest to the company, so it goes into the company back account.

[GhostofTarbera]

Thank you.

Am I ok if I pay daily interest (at HMRC listed rates) into the company bank account for the period ?
As I said it'll be only for a few days. I will be repaying it all in a week.

Take it out, use it, repay it, end off

You might have daily limit on your business account will be you only issue


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[Code]

Yes but you should probably document a loan of that size and also charge yourself daily interest at the HMRC listed rates to avoid a BIK charge.

It goes without saying that you should familiarise yourself with the risks of not repaying it.

Thank you.

Am I ok if I pay daily interest (at HMRC listed rates) into the company bank account for the period ?
As I said it'll be only for a few days. I will be repaying it all in a week.

[TheCyclingProgrammer]

Yes but you should probably document a loan of that size and also charge yourself daily interest at the HMRC listed rates to avoid a BIK charge.

It goes without saying that you should familiarise yourself with the risks of not repaying it.

[Code]

Of course. This is basic stuff that your accountant can advise on too.

Unfortunately, my accountant is unavailable for the next two weeks due to a personal emergency.

[ChimpMaster]

I have a temporary cash crunch situation. I need to pay for something while I wait for my funds settle. They are likely to clear later next week. Is it okay to borrow £100k from my limited company just for a few days and pay it back next week?

Of course. This is basic stuff that your accountant can advise on too.

[Code]

I have a temporary cash crunch situation. I need to pay for something while I wait for my funds settle. They are likely to clear later next week. Is it okay to borrow £100k from my limited company just for a few days and pay it back next week?