What is a Director’s loan account and what are the tax implications?

Directors can borrow money from their business as long as it is in line with the company’s articles of association, the 2006 Companies Act and - for large loans - approved by a shareholder’s vote.

However, the implications of taking out a Director’s loan can be complicated, especially if borrowed money isn’t repaid promptly.

We are delighted to welcome our new Practice Manager - Muhammad Dar

We are delighted to welcome Muhammad Dar, FCCA, to the CloudAccountant and Agency Accountant team as our new Practice Manager.

Muhammad is a Fellow Member of Chartered Certified Accountants. In addition to holding a BSc (Hons) Degree in Applied Accounting, Muhammad is also a Fellow Member of the Association of Accounting Technicians.