Director Loan Questions..Please advise

Hi folks,

I am going to apply for extension in March.I am preparing the Director Loann.I have couple of confusions.Please can you experts advise.Thanks in anticipation.

1:My accounting period started from 1st Oct 2012.But i did transfer some small amounts (£300,£5000 and couple of more ) in Oct 2012 after opening the Business Account. But in first year's business was in loss and by mistake i transfer back that money from business into my personal account...So the in and out amount balanced

So Actual investment was transferred in
2014 (05/2014 = 3000 )
(06/2014 = 10,000)
and

2015 (03/2015 = 25.000)
(09/2015 = 13000 )

So what Date should i put in the director's loan agreement. ?

Secondly do i need to put the dates and their respective amounts in the agreement as in the Business Account OR just put £51,000 (Total) ?

Please advise

Thanks

Hi folks,

I am going to apply for extension in March.I am preparing the Director Loann.I have couple of confusions.Please can you experts advise.Thanks in anticipation.

1:My accounting period started from 1st Oct 2012.But i did transfer some small amounts (£300,£5000 and couple of more ) in Oct 2012 after opening the Business Account. But in first year's business was in loss and by mistake i transfer back that money from business into my personal account...So the in and out amount balanced

So Actual investment was transferred in
2014 (05/2014 = 3000 )
(06/2014 = 10,000)
and

2015 (03/2015 = 25.000)
(09/2015 = 13000 )

So what Date should i put in the director's loan agreement. ?

Secondly do i need to put the dates and their respective amounts in the agreement as in the Business Account OR just put £51,000 (Total) ?

Please advise

Thanks

Hi Suvalike,

I'm under an impression that you have invested some £ xx amount of money before getting initial visa and
the Actual Investment which you are talking about is made once after getting initial Visa right
If that is the case show two Director Loan Agreement
1. One Agreement saying that £ XX amount of money dating before the date of money transfer
2. Another Agreement saying that £ xx amount of money dating before actual Investment money has been transfered also mention at the end Total amount of money lended which will come more than £ 51k I guess.

I'm not an expert but I've tried to give my opinion in your situation.
If possible can you please share template of Director's loan ? There are some templates available in the forum but it doesn't say much about the terms and conditions of the director's loan.
Can I ask from where did you get the Director Loan ?

I am using the same template as shared on this forrum and still drafting it ....I will share once done...It would be almost same like as other people have shared already...

i did not invest money before.It was new business and only transfer money after getting visa but in the first year did not transfer too much...

Suvalike,

Ideally 1 Directors loan agreement is enough. But the terms of that agreement should reflect your transactions. You don't need to mention date of each transaction but should mention a point or clause which should specify that you will be transferring the money in bits. In you case I would suggest make the agreement by some experts help.

It is very difficult to advise what is your situation regarding the accounts unless I look at your annual accounts. I would say take an expert advice now and arrange things now as you said you have your extension in March this year.

I have same almost similar question, what if you have done transfers in bits but have no agreement in place,

can we do one agreement, dating before transfers were made, stating total amount of transfers in 3 years?

What about accounts if it is not mentioned in 2 years accounts?