Should I pay it? Can I pay it?

sn1994

CKhalvashi wrote: »

And then £30k next year, and £45k year after.

You can save serious amounts in ISAs over the mid-term now, so never discount it.

Heh -- so they say..

I have always saved what I can definitely put away (which has always been the 7K and now 15K limit). Even with limited access, the rate always drops after 1 year and was never great in the first place.. I don't really use them to gain interest, just to gain the discipline of saving.

Brock_and_Roll wrote: »

Top effort by the way in getting a business off the ground and on managing £300k turnover already.

I am sure you already know this.....turnover is vanity, profit is sanity cash is reality!

i.e. Don't try and grow to fast!

Luckily I am getting a 200% return on my products. With exception of the VAT-man catching me out, doing quite well. Growth needs to be done slowly as you say which is why I am researching my future market in detail.

bris wrote: »

You can dress it up any way you want but bottom line is your going to pay tax on it.


If you take 10k as a dividend the company has already paid corporation tax on it along with all the other profit the company made.


It also counts towards your total income so will use up most of your personal allowance, so even though you don't pay tax on it twice you still have to pay tax on everything else you earn.


So the company can't pay the loan as such but what you do with your dividend is up to you, if it makes you feel any better then yes, it's paying off your loan.

Ok -- I get your point, going to get taxed somewhere down the line..

Thanks -- I think I'll just pay the damn thing off.