Hi,
Does anyone know the maximum interest free loan a director can take from his company ?
I did a google search but got loads of results, all offering me "low interest loans" (suprise suprise!)... :)
Many thanks,
Dale Robinson
Hi,
Does anyone know the maximum interest free loan a director can take from his company ?
I did a google search but got loads of results, all offering me "low interest loans" (suprise suprise!)... :)
Many thanks,
Dale Robinson
What is the purpose of the loan? Will it be repaid before the end of the accounting period, or within 9 months thereafter?
Hi Doug,
Its a bridging loan for me, and would only be short term and repaid before the accouting period.
Cheers,
Dale.
In theory, the limit is 5000 - imposed by the Companies Act.
Loans to participators (includes a director) do come within the company tax regime if repaid by the end of the AP.
But there could be BIK implications for the director.
BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.