Directors Loan

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Directors Loan – Free Online Small Business Accounting Software Questions & Answers

Hi,
I’ve just formed a Ltd company and I’m the Managing Director. My second director would like to make a directors loan to the company.  The second director does not take a wage from the company and is mainly silent apart from the loan. I would to simply note the investment which will be paid back at a later date, once we start turning a profit. How do I register this without adding them as an employee and filling in all their tax details.
Thanks in advance

  1. BINNIELTD March 21, 2015
    Perfect.... Thanks for the quick and detailed response.
  2. Peter Connor March 23, 2015
    No prob

1 answer

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Peter Connor ⋅ Staff March 20, 2015
Public

Hi B,
Sorry for the delay, I just wanted to do an animation for you. 
You will need to add the director as an employee in Bullet, but you don’t need to fill in their tax details. Bullet, just needs to know who they are. Obviously if they become an employee you’ll need to update this information to pay them 🙂
Adding A Directors Loan
So this only takes about 30 seconds, you’ll need their PPS number. If they don’t wish to supply that you can add 1234567T as a temporary one, but better to use the real one. 
– Click Wages > Add an Employee 
– Enter Name, PPS and Select Director and No for “Previous Employment” and click Save
– Click Money In then the Director and add loan details.
Paying A Directors Loan Back
– Click Monye In > Overview 
– Click on the loan in question and on the right click Loan Repayment

How To Add A Directors Loan In Bullet Free Online Accounting Software

How To Add A Directors Loan In Bullet Free Online Accounting Software


 
 

#answer-1478

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