Re: Moving company bank money around...

In message <e04933h8vdao2cr0mnfpa5gt8cb670p0cl@xxxxxxx>, Peter Saxton <peter@xxxxxxxxxxxxxxxxx> writes
On 29 Apr 2007 05:17:16 -0700, SandalsMan <jbenator@xxxxxxxxx> wrote:


I have, somewhat belatedly, read the whole thread to date and there is
much truth in what is said. however it is not the whole truth!

Not only will you, as a director/employee, be charged a benefit-in-
kind on a notional interest charge on the loan but the company will
also be liable to a tax charge on the outstanding loan account balance
as at its accounting date, under Section 419 ICTA 1970. It is
important tht this lliability is not overlooked (it often is) because
HMRC could well launch a full scale enquiry on the back of an
ommission from the CTSA return.

In summary, before you make such a loan to yourself from the company
it is important you take advice from a competent person who knows the
full implications of what you are proposing.

SandalsMan

Keith will accuse you of bringing reality into the discussion while he
advises his clients based on what they want to hear. I wonder what he
says when they complain about his bad advice? Maybe he'd accuse them
of being ungrateful - he's not to blame because he was bringing them
good news whereas other accountants offer advice based on reality and
tax people bring bad news.

Objection Yerhonner!

Conjecture on the part of the witness...
--
Keith replace nospam with ilf0rd
.

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