This Time I'm Really Going To Do It

Watty1

Karmacat wrote: »

That sounds brilliant, watty - it's a saving of £80 a month, more or less, in interest costs.

Can I ask, in the interests of thoroughness, what are the "serious implications" if for some reason you can't pay it back within the financial year?

Tax and N.I.


Actually having spent a few hours last night looking at this it may rather mess up company cash flow - so - will 'hold' on plan for a while.

Watty1

AlexLK wrote: »

Both my wife and I really enjoy visiting galleries. She's the artist, though I'm currently studying for an MA in History of Art, purely for my own interest.

I've just looked up the Grayson Perry exhibition thanks to your post, it's a long way from here but I think I'll have to take Mrs K at some point over the next few weeks. Thanks.

Margate is actually quite nice - I was surprised - it definitely has improved since I was last there. I think you could have a nice time - the beach is nice, the Turner Gallery right beside beach and there are traditional seaside attractions for son - could be a nice weekend

atypicalblonde

Hi Watty,


I am by no means an accountant but could borrowing the money from your business (assuming its a limited company) be classed as a directors loan which attracts no tax charge unless you fail to repay it within 12 months?


If it is legal, go for it lass, sounds like a very clever plan. Very best wishes and thank you for your support, ATB xx

Karmacat

Watty1 wrote: »

Tax and N.I.


Actually having spent a few hours last night looking at this it may rather mess up company cash flow - so - will 'hold' on plan for a while.

Maybe you could do it in two bits, and repay within the year in full, each time?

Watty1

atypicalblonde wrote: »

I am by no means an accountant but could borrowing the money from your business (assuming its a limited company) be classed as a directors loan which attracts no tax charge unless you fail to repay it within 12 months?

That is my understanding. And now I think the mortgage is small enough to try this option. Just waiting for a couple of bills to be paid so business cashflow is steady.

Watty1

What a ghastly weather day. Got soaked twice just doing yard duties.
Now trying to decide what to have for dinner - and - if dog and I can dodge the shower to have a quick walk.
Most Handsome missed out on his/my social chat /ride with neighbour due to rain. Shame about that. Was looking forward to getting him out once again.

Ali-OK

Been stop/start here with rain all day, no doubt it'll go from dry to wet as soon as I get up the field with the dogs too! I think we're due for the worst tomorrow here, so I've planned in housey stuff, cooking and cinema with DS.

Exciting reading the plans for the final bit of mortgage left

AlexLK

Watty1 wrote: »

Margate is actually quite nice - I was surprised - it definitely has improved since I was last there. I think you could have a nice time - the beach is nice, the Turner Gallery right beside beach and there are traditional seaside attractions for son - could be a nice weekend

I've never been to Margate. Will have a look into it and a think about what we'd do with new dog (probably go to cousin's).

On another note atypicalblonde is correct about the director's loan.

LauraJo

Watty1 wrote: »

What a ghastly weather day. Got soaked twice just doing yard duties.
Now trying to decide what to have for dinner - and - if dog and I can dodge the shower to have a quick walk.
Most Handsome missed out on his/my social chat /ride with neighbour due to rain. Shame about that. Was looking forward to getting him out once again.

Blinking miserable aint it! I'm doing friends horseys whilst she's on hollibobs and I dodged the showers and thunder storms *smug*
Hope its nicer for you today. We have sun in the big smoke at the mo but it aint gonna last!

Watty1

Yes Directors Loan it is going to be. Just waiting for a couple of clients to pay up then should be good to go on that one.


Frustrating day - PB sent new franking machine assuring me it would come with an engineer - it didn't - it came with FedEx last week. Lovely FedEx delivery chap made nice big fuss of dog and bought in as I couldn't lift in. One week later no sign of engineer - so rang PB yesterday to enquire if he was lost. Tis a bit rural here after all! Seems I am supposed to replace franking machine and return the one I have all by self. It is, I was assured, easy to do.


:mad: It was not. 5 calls later I rang customer services and lost the plot with them :A and enquired why I pay a
Maintenance Fee each month??? No answer on that but I was assured it would only take a week for the download to be ready. A week !!!!!!. Finally spoke to a customer service manager who agreed the whole thing was shambolic and a fix would be sorted in 2 hours. A customer service agent just rang to talk me through the final parts and all mail franked and ready for pick up with about 3 mins to spare.
What a waste of a day! Still the weekend is here, office up to date and just off to check business bank account before closing up shop for w/end.