Offsetting business account against personal mortgage

iso_2

Hi,

Apologies if this isn't the right thread for this question...

I own 50% of a ltd company that has cash in a business savings account.

It seems to be possible, for simple partnerships and sole traders, to use this to offset their personal mortgage.

Question is, can this be done for ltd company to offset my own personal mortgage?

Are there any other ways to take advantage of this cash in the bank?

iso

Pennywise

No you can't - by doing so you would be depriving the company of interest for your personal gain which goes against the legal obligations of a director. HMRC would also pursue you for the "benefit in kind" of using the company's money for personal gain. As the company is a separate legal entity, I doubt whether the bank would be willing to do as you suggest anyway.