Now before you all start, I AM going to call the accountant but he's bloody hard work and firstly I want to see if anyone has done this.
My old (mothballed but still open) company I used for contracting has some cash in it. I don't want to take it out as dividends because it'll attract a sh!t load of tax. All I want to do is borrow some for a while to help pay for stuff on the house.
I remember I paid directors loans in when we were starting the firm, the company paid interest on those and then paid them back when it had sufficient capital. What I want to know is can I take a directors loan out (for personal use) and then pay it back with an agreed rate of base rate linked interest.
I'd rather borrow money from myself than from the bank. I have a feeling the answer is going to be no, but I wondered if anyone here had any experience.
Ta
I could waste my time explaining one of the reasons I stopped running my own company was the insanity of the corporate tax system and the waste within it. But I won't, because you just want to argue and I just want to get on with my life...
