As a Limited Company director taking money from the company requires some consideration, as the company is a legal entity in its own right. There are also a number of points to remember, to ensure you remain compliant and understand the consequences of taking money from your company.
In this guide we explore:
- the facts behind a director’s loan account (DLA)
- what a director’s loan account is
- what it means when a director’s loan account is overdrawn
- if interest can be charged on loans
- what the negatives of an overdrawn DLA are
- if these rules apply to anyone other than a director
- if there’s a way to offset the directors loan accounts
- director loan accounts and IR35
- dividends and the directors loan account
- what the dangers of illegal dividends are and an overdrawn DLA
- if an overdrawn loan account can be written off by the company
If you are considering borrowing company money then why leave it to chance? Download the full guide now.