Repayment of company start-up costs

H

hikicker

Registered User
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98
I started a ltd company in 2003 and didnt take any wage for the first 7 months of trading. I used €20k released from re-financing my home to survive the period rather than taking out a company loan to pay me a wage.The company is doing very well now with good cash reserves however I was wondering if there is any tax efficient way of re-claiming lost income from the company? Was this the wisest way to start a company?
 
He suggests putting profits into pension fund however I'd prefer to get hands on cash. With hindsight I probably should have borrowed through the company and paid myself a wage. I owe €20k more on my mortgage now which is paid by my taxed salary and would pay tax on anything I take back out of the company. They get you every way possible!!!
 
Have a look at the Seed Capital Scheme, probably to late to claim anything back

What you should have done was loaned the company the money to pay you a basic salary to use up your tax free allowance.
You would only have had to pay 3% prsi on the money and the company could then repay the loan to you tax free.
 
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