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I get the impression that you think director's loan can be drafted by your accountant but that is not true. A loan agreement is a legal document drafted by you (or your solicitor) between you and your company based on all the terms you want like duration, repayment plan, interests, ..etc.aniz6 wrote:dear sirs,
urgent help,,, i need to back date an director loan agreement given to my company to the total amount , 109,311.40 ,,, i am not getting any interest and the repayment will be done after 5 years. my accountant dont know how to do it and how to show its ok that company fails to pay it after 5 years
Hellozimba88 wrote:I get the impression that you think director's loan can be drafted by your accountant but that is not true. A loan agreement is a legal document drafted by you (or your solicitor) between you and your company based on all the terms you want like duration, repayment plan, interests, ..etc.aniz6 wrote:dear sirs,
urgent help,,, i need to back date an director loan agreement given to my company to the total amount , 109,311.40 ,,, i am not getting any interest and the repayment will be done after 5 years. my accountant dont know how to do it and how to show its ok that company fails to pay it after 5 years
You let your accountant know about the loan when he wants to prepare your accounts. He simply reflects this on your balanced-sheet under 'creditors' section, showing that the company is in debt.
Draft the loan agreement with that date you transferred the money. Your accounts just need to show your name as a creditor of that money.helpingperson wrote: What if you have already submitted 2 years accounts and have no director loan agreement? If we form director loan agreement now, back date it but where in accounts we will show as accounts are already submitted?
Thank you.
Director's loan agreement needs to be drafted before transfer like any other loan you apply for. I would say no one stops you to date it back though.helpingperson wrote:We transferred £200k in bits. 2 years accounts already submitted. I see most of seniors are saying here that director loan should be formed before transfers made so basically in advance. My questions are below.
Can we backdate director loan as have not gone one?
How and where we show in accounts as 2 years account already submitted?
thank you.