Originally posted by Paralytic
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Reply to: Salary Advance
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Previously on "Salary Advance"
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Originally posted by Geekman View Post
Thanks for checking. I think I am safe. I have gone with umbrella so will have my PAYE salary from umbrella; no salary from limited company. Wife will continue to take limited company salary. No we are not spending tax money. thanks!
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Originally posted by northernladuk View Post
That's a bit tough as that's the way to do this. You have a loan, the wife needs an advance. You sure you aren't digging yourself a hole here? What happens if your gig evpaorates tomorrow?
You got enough money in the account to make sure your dividends are coming out of profit and are not illegal? You aren't spending your tax money hoping you can pay it back later?
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Originally posted by Geekman View Post
True. In the process of changing them as soon as company year ends.
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Originally posted by Geekman View Post
I already have taken it early this year so don't want to use that option
You got enough money in the account to make sure your dividends are coming out of profit and are not illegal? You aren't spending your tax money hoping you can pay it back later?
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Originally posted by Lance View Post
that a sales pitch?
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Originally posted by Lance View Post
no point. They'll take months to do the year end. You just need to accept it's gonna cost you to move.
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As others have said, it's a straightforward loan from the company. Each month where she doesn't get a salary in actual cash, the wage on paper is credited against the loan advanced. No issues to doing this if you need to go ahead with it. Let the accountant deal with the accounting!
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This is pretty standard double entry book keeping. Just let the accountant handle it. It is simply a loan without interest, and the loan just enables them to balance the books. The loan is paid off over several months.
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