hi all
I have just setup a LTD company, I am Director, my wife Secretary. I have 15k euro in cash from personal savings that I want to lodge to the business bank account so it can start to purchase some assets for trade. As I understand it, the company would then owe me back this money and is recorded on the company's Directors Loan account? Can I receive back this money from the company tax free, and is it simply a matter of drawing up a simple loan agreement between me and the company, and then have the company pay me back periodically once the company starts to generate revenue?
Thanks
B
I have just setup a LTD company, I am Director, my wife Secretary. I have 15k euro in cash from personal savings that I want to lodge to the business bank account so it can start to purchase some assets for trade. As I understand it, the company would then owe me back this money and is recorded on the company's Directors Loan account? Can I receive back this money from the company tax free, and is it simply a matter of drawing up a simple loan agreement between me and the company, and then have the company pay me back periodically once the company starts to generate revenue?
Thanks
B