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taxadvisor.uk, Chartered Certified Accountant
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I am a non-domicile private individual, owner of a limited

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I am a non-domicile private individual, owner of a limited by shares company. I want to fund my business with a loan but I do not want to undermine my non-dom status. Shall this loan be structured from my overseas account or from a third party ?
Submitted: 2 years ago.
Category: Tax
Expert:  taxadvisor.uk replied 2 years ago.
and welcome to the site. Thank you question.

You should bear in mind that the LTD compnay is a separate legal entity from you as an individual. As it is the company that would be receiving the funds operation, it should not impact your non-domicle status.

The loan can be structured from your overseas account. Please have a proper document drawn setting the terms of loan includng interest if appicable and repayment terms.

I would advise you to notify the comapny bank of impending transfer of funds into the company bank account to comply with Money laundering regulations.

I hope this is helpful and answers your question.

If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.

Customer: replied 2 years ago.

As I am 90 per cent owner of the newly set-up company and the only employee so far and half of the loan will be used to pay me a salary I do not want HRMC to consider this as a vehicle personal benefit. So you are confident this is not the case ?

Expert:  taxadvisor.uk replied 2 years ago.
Andrey, thank you reply.

If you are drawing a salary from the company, the company will have to register as an employer and you would be paying tax at source on your salary.

There will be a agreement in place to confirm the existence of a loan to the company and the terms of the loan.

I hope this is helpful.
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4879
Experience: FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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Customer: replied 2 years ago.

OK all noted thank you.

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