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taxadvisor.uk, Chartered Certified Accountant
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Hiya Hopefully a simple question I paid £80000 into my ltd

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HiyaHopefully a simple questionI paid £80000 into my ltd company last tax year as a directors loanI am the sole director and shareholder. Last tax year i withdrew a small amount approx £2000This tax year i want to take out £40000Can you confirm i have no income tax (or other) liability on this?

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Thank you for your question.

Repayment of advance to company does not have any tax liability.

Provided your directors' loan account in the books is in credit you can withdraw sums against this credit and you don't have to report it on your tax return.

I hope this is helpful and answers your question.

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