Can I repay director's loan instead of taking a wage?

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shell990

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I acquired nearly £30,000 as a divorce settlement. I then used this to buy a retail business as a going concern. I have formed a Limited Company, and believe the money I have put into the company (ie to buy the business) is classed as a loan made to the business.

Can I, instead of taking a wage and paying Tax and NI, take a weekly amount as repayment of my loan?

If this is the case ....
I have already registered as an employer but I will be submitting continuous nil returns. Should I notify my HMRC Accounts Office of what I am doing?

Many thanks in advance,

Michelle
 
Michelle,
This is an Irish site so the likelihood of someone having the correct information is a bit limited.
 
Oh dear, how did I manage that? Think I've found UK version so I'll register there. Thanks! :)
 
hi shell

i know its a UK company but the accounting principals should be the same. the answer here would be yes. the company owes the money to you so you are just taking replayment of the loan.
 
You need UK taxation advice before doing anything else and perhaps should have got some before your purchase/investment.
 
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