Len,
This would unfortunately be seen as a withdrawal of funds (a loan) as you and the company are different legal entities.
If you loan more than £5000 there are tax implications, so in general you wouldn’t enter into this sort of arrangement unless you have already got a substantial amount owing to your from the company from for example the introduction of capital.
In general you need to be very careful about how you take funds out of a small ltd company to ensure you havenÂ’t made any illegal distributions.
If you need some help, the please get in touch. I have a substantial number of small ltd company clients, and therefore understand the issues involved.
Regards,
James Smith
Chartered Accountant
www.jamesesmith.co.uk
01284 764436