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.

Lockdown 3: What Support is Available for Businesses?

Following the latest announcements from Boris Johnson and Nicola Sturgeon, England and Scotland have now joined Wales in new national lockdowns.

The new restrictions mean that people should only leave home for an essential purpose, such as to buy food or medicine. This means that, along with schools, large swathes of businesses now need to close their doors.

While some shops and hospitality businesses will still be able to offer click and collect and takeaway services, they are likely to see a dip in sales. Many other businesses may also see their revenue fall as demand dries up, similar to the first lockdown in March 2020.

To help support businesses through his latest period of uncertainty, the Chancellor Rishi Sunak has announced some additional funding alongside some older schemes that are still open to businesses.