moneygrower
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We loaned my husband's company some money to set up a business which is doing well.
I work in the public service and I'm now planning to take some unpaid leave to mind our son.
Would it make better sense tax wise to get extra income by repaying ourselves the loan or increasing his wages?
He is self employed in a ltd company.
We were thinking we would still be better off to repay the loan to avoid income tax, are we right in this?
(will be asking the accountant too, just want to pick some brains).
I work in the public service and I'm now planning to take some unpaid leave to mind our son.
Would it make better sense tax wise to get extra income by repaying ourselves the loan or increasing his wages?
He is self employed in a ltd company.
We were thinking we would still be better off to repay the loan to avoid income tax, are we right in this?
(will be asking the accountant too, just want to pick some brains).