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Any Accountants about?

4 replies

MyKingdomforaNameChange · 17/05/2019 17:07

If you take out a personal loan, and transfer some of it to your business account for business improvements, can you then transfer a proportion of the repayment amount to your personal account each month without it being taxable?

Thanks for any answers :)

OP posts:
TalkinPaece · 17/05/2019 17:29

Sole trader or Limited company?
Capital introduced can be removed tax free

MyKingdomforaNameChange · 17/05/2019 19:07

Sorry, Sole Trader, should have said that :)

OP posts:
TalkinPaece · 17/05/2019 19:14

Capital introduced / drawings = outside tax

Al2O3 · 17/05/2019 20:02

An important point has not been touched on above. If you took it out for business reasons part or all of the interest would be tax deductible against your business profits. HMRC may not quibble it anyway, but it would be better to get the paperwork correct to begin with.

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