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Where Taxpayers and Advisers Meet

Own capital introduced

rchwha
Posts:2
Joined:Tue Jun 20, 2017 4:55 pm
Own capital introduced

Postby rchwha » Tue Jun 20, 2017 5:11 pm

I set up a Ltd company 17 years ago using own tax paid capital, I recall at the time my accountant mentioned that the capital would be like a loan to the company so i assume that meant it would not be subjected to tax again if i chose to close the company in the future.
Unfortunately i do not still have a copy of the very first year end accounts which showed "own capital introduced". Now after 17 years Is there any way to establish that this original capital was a personal loan to the company ?

RMC
Posts:435
Joined:Wed Aug 06, 2008 3:35 pm

Re: Own capital introduced

Postby RMC » Wed Jun 21, 2017 7:35 am

Check the Creditors section of your accounts for Director’s Loan Account or, if you are not a director, for loan in your name.
In case of a director the balance would have very likely changed beyond recognition over the years – your salary, dividends and expenses paid personally having been credited and personal expenses and drawings debited to the original account.


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