I started my LTD company about 7 years ago and things went well enough to buy a new home, but in order to help with the deposit I took out quite a large loan through my company (2-3 years ago). The loan has grown in size to a point where I owe just over £70k pounds. The Loan is split between myself who's a director and my wife who's an employee.
The £70k includes the interest that I've been adding at HMRC's official rates, but I just don't know how long I have to pay it back. I'm happy to pay it back, but it would have to be at a fairly slow rate as we have kids at uni we have to support etc, etc.
Can anyone shed any light on the situation? offer any advice.
To add to the stress, the company is being VAT inspected in August and due to the nature of the business changing over the years, the flat rate percentage I've been applying is out by maybe 2%, and I could be facing a problem there too.
am I just sunk...
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