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Ask Your Own Question, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 6386
Experience:  FCCA - over 40 years experience as a qualified accountant (UK based Practitioner)
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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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Many thanks

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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Best wishes.