Treatment of Loan from Director while calculating Company Profit

[sandyh2001in]

Hi

I loaned a small amount to my limited company in tax year 2012, which I have withdrawn this year in March.

My questions are:

1. For purpose of CT calculation for company in 2012, does this loan form part of Income for company?

2. Will I pay income tax personally this year on this loan payback from Company that is will this be treated as income for me?

thanks

 

[mandelbrot]

1. A loan doesn't touch the income statement of a company (unless there is debt forgiveness), it's no different than a bank loan.

2. To the extent that what was returned to was simply the money you had loaned to the company (i.e. no interest included with it) then there's no income for you.