Company Director in need of a personal loan

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BoGoF wrote: »

As I said on your other thread this is the downside to 'tax planning' and unfortunately it's not always possible to have it both ways.

BoGoF wrote: »

Some people may argue it's unfair that your husband pays less tax/NI than them for the same income but then again they may get a loan and your OH won't

I must say, you appear to come across as rather bitter & twisted.
The OP is doing nothing wrong; infact is doing everything right by maximising tax avoidance (which is not tax evasion). That's what this site is all about - cutting your costs.

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dsa1980 wrote: »

Can anyone advise?
My husband is the director of our limited company, and has an income of around £6000 a year.
We however take in total (including this income) £13,200 net from the business annually.

When trying to apply for a £6000 loan today to pay off car finance (i.e. no increase in monthly payment, and no history of missed payments) he has been refused.

I am employed elsewhere and would apply, but already have 2 loans in my name, can anyone suggest a solution or been in this situation and worked it out?

Thanks

I'm a little confused as to what is happening here.

Is your husbands income from the business £6k or £13.2k? Or do you take the remaining £7.2k?

If only £6k, the difficulty hes has is how fiddlesticks puts it. i.e. he has a £6k loan and wants another (making a total of £12k) What he needs to do is find a lender he can explain things to. i.e he wants the £6k to pay off the existing loan. That should be possible - although the new lender may make arrangements to pay the old loan off directly to ensure that is what it is used for.

Otherwise, if your husband actually receives £13.2k p.a. (albeit not under PAYE) then if he can prove that some other way (e.g. via a tax return) then his income (as opposed to just his salary) should be able to be used.