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F. Naz
F. Naz, Chartered Accountant
Category: Business
Satisfied Customers: 1068
Experience:  Doing Chartered Accountancy
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I own my own LTD. I currently have cash available in some of

Customer Question

I own my own LTD. I currently have cash available in some of the accounts. Can I take a directors loan to pay off personal credit cards without it being income?Thanks
Submitted: 17 days ago.
Category: Business
Expert:  F. Naz replied 17 days ago.

Hello

Do you have any deadline for this?

Customer: replied 17 days ago.
Nope.. but would like to reduce credit card interest expense.. can give myself 1 or two years to pay it back to myself
Expert:  F. Naz replied 17 days ago.

So you want to know about director loan tax consequences?

Customer: replied 17 days ago.
First is it possible to take a directors loan from the company.. How is it structured (i.e. what can be the repayment terms) and what are the tax consequences for the individual and the business?
Expert:  F. Naz replied 17 days ago.

Okay, will explain you, thanks.

Expert:  F. Naz replied 17 days ago.

You have already taken amounts from credit cards or you will decide once the information will be given to you?

Customer: replied 17 days ago.
i will decide once the information i am giving... I would be taking from cash in business, not from business credit card. Cash in business would pay off personal credit cards
Expert:  F. Naz replied 17 days ago.

So it means that you already have used the credit cards

Expert:  F. Naz replied 17 days ago.

I am sending you the offer please accept it so i can provide you the information, thanks.

Customer: replied 17 days ago.
Sending me which offer?
Expert:  F. Naz replied 16 days ago.

The offer for the total price of question, please see your email so you can see that, thanks

Customer: replied 16 days ago.
No thanks
Expert:  F. Naz replied 16 days ago.

Okay, so how much you willing to pay

Customer: replied 16 days ago.
To be 100% honest. I've used justanswer for several years. The fact that an expert doesn't answer the question and is hustling a private service is disgusting.I prefer not to speak with you and will be reporting you to just answer..
Customer: replied 16 days ago.
To be honest if i could give you negative stars I would. Please close this order..thanks
Expert:  F. Naz replied 15 days ago.
I am working on this website for several years too, this option is given to us by website itself, you can contact customer support for cancellation, thanks.