Dirky started this topic @ 14:56 on 19/03/2010
Hi,
Currently trading as a company setup in 2005. Working from home since then, there is only myself with occasional use of sub contractors.
I'm looking to move in to a small office/workshop space in a shared building/business park area.
There is a monthly rent, service charge, insurace etc. I reckon I need about £4,500 to see me through 1 to 2 years.
A member of my family has kindly donated £2000 also.
What is the best way to borrow a smallish amount like 4,500? Say over 3 years.
My car is almost paid off which was a personal loan, about the same amount I was paying circa £140 per month for that over 3 years. So I figure I wont see the difference if I continue with the same deductions!?
Anyway, do i try and get another personal loan and then 'loan' this money to the business long term, or am I better off with a business loan, perhaps from my bank.
I understand that if I make payments to the business loan that they are coming straight from my company account so I'm guessing they are not liable for corp tax?
However if I use a personal loan, this would need paying from my personal account and would come from my minimum wages/dividends transfer each month, therefore I may be paying corp tax?
Any help or advice is most welcome.
Thanks
D