Limited Company accounts
Posted: Sat Aug 13, 2016 8:26 pm
Does anyone run their own Limited company?
I'm new to it, and as the sole shareholder and director, I believe that I can perfectly legally loan money to and from myself - as long as the books balance ideally at the end of the tax year.
So, If I have a large balance in my Ltd company bank account (0 interest), can I loan it to myself, collect the interest (obviously I'll end up paying tax on the interest in my personal tax return) and then return the load near the end of the tax year?
I'm new to it, and as the sole shareholder and director, I believe that I can perfectly legally loan money to and from myself - as long as the books balance ideally at the end of the tax year.
So, If I have a large balance in my Ltd company bank account (0 interest), can I loan it to myself, collect the interest (obviously I'll end up paying tax on the interest in my personal tax return) and then return the load near the end of the tax year?