bank statement - no reference as directors loan

[hulkboy1379]

Hi Gurus

I am on 50k route from PSW.

I have made my 100k (I need to do only 50 k) investment and transfered from my personal account to business account in 18 transactions, but I have not kept any reference stating directors loan while transfering to business account.

I have asked my accountant and he said thats not a problem and i too think so.

Can I have your opinions please. But the transaction clear show that the money came from me showing my first name and last name.

[hina_pirzada]

Your accountant is right. Normally when you transfer money or deposit any cash in business account consider as director loan. HO office requirement is to provide Director Loan agreement for the amount which was transferred from your personal to business. Also tell your accountant to write ur name on balance sheet where he/she will show Creditors (Mr XYZ - Director Loan) £100,000 or £50,0000.

Also wait for senior members.

[jafersadeq]

Any money deposited into business account should be shown in annual accounts, so no need to mention a reference.
Thanks

[Legal83]

Your accountant has to show in accounts that money has been invested as director loan or share capital, also he has to mention your name too in accounts where he is going to mention director loan.

[zimba]

Tier 1E requirements are more specific than what is normally done in the business world. It seems that everyone thinks that what is acceptable legally (as advised by most accountants) must be accepted by HO too. That is not necessarily true as the requirements are quite specific as given in the Tier 1E guide and the rules.

One of those requirements is that you need to show transactions coming from your personal account in to your business bank account under your name.

[hulkboy1379]

Tier 1E requirements are more specific than what is normally done in the business world. It seems that everyone thinks that what is acceptable legally (as advised by most accountants) must be accepted by HO too. That is not necessarily true as the requirements are quite specific as given in the Tier 1E guide and the rules.

One of those requirements is that you need to show transactions coming from your personal account in to your business bank account under your name.

Thanks a lot Zimba88 for reply.

All the transactions are showing that I have transfered money from my personal account but I didnt kept a reference as directors loan. Transactions clearly my first name and surname. That should be fine right?