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TaxRobin
TaxRobin, Tax Consultant
Category: Tax
Satisfied Customers: 21869
Experience:  International tax
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I am not a UK resident. I have a HK company, and I would

Customer Question

I am not a UK resident. I have a HK company, and I would like to make a loan to myself, to my personal UK bank account, next year, before relocating to the the UK.Is this possible? Are there any tax implications? What would I need to do in advance to keep it all above board?Thanks
Submitted: 8 days ago.
Category: Tax
Expert:  TaxRobin replied 8 days ago.

Hello and thank you for allowing me to assist you.

Expert:  TaxRobin replied 8 days ago.

HMRC doesn't need to know about it if

  • You settle the loan within nine months of your company's year-end. Your company needn't pay tax on the directors' loan. ...
  • You repay in part within nine months of your company's year-end. ...
  • You fail to repay anything within nine months of your company's year-end.

If you owe your company over £10,000 (interest-free) at any given time, the loan is classed as a benefit in kind and you’ll need to record it on a P11D, as it’ll be liable to both personal and company tax.

Expert:  TaxRobin replied 5 days ago.

Waiting on you