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Reply to: Loan from Company ?

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Previously on "Loan from Company ?"

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  • Maxamus
    replied
    thx minstrel

    Leave a comment:

  • minstrel
    replied
    Originally posted by Maxamus
    Im thinking of taking £1,500 from the business to finance my new car. Im going to be paying it back within 2 months.

    What are the legal implications on of this?
    Is this allowed?
    Is a fee payable?
    As long as you are a Director, it's under £5K and you pay it back within 2 months (I think the limit is 9 months after company year end) then you are fine.

    If it's over £5K then it's BIK and you have to pay interest on the whole amount.

    Leave a comment:

  • Maxamus
    started a topic Loan from Company ?

    Loan from Company ?

    Im thinking of taking £1,500 from the business to finance my new car. Im going to be paying it back within 2 months.

    What are the legal implications on of this?
    Is this allowed?
    Is a fee payable?
    Tags: None

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