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Jeremy Harbord
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Should I prioritise director’s loan repayments or personal tax allowance? (Anonymous post 🤫)
Ocean King Staff Senior Community Executive at CharityConnect Posted 9 months ago
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This question is from a member of our community that wishes to remain anonymous:
I am self-employed as a charity fundraiser these days, but part of my week the past couple of years I have been investing in software development in a private limited company, designing apps that will help the smaller charities with regular giving campaigns.
From my accounts perspective, can anyone please give me advice around personal tax allowance vs repaying directors loans for the funding I have personally paid for the software developing please?
Am I best to use my £12,570 full personal allowance in FY2526 and then repay my directors loans up to £15k or am I best to repay my directors loans at £15k then anything above that as wages, say £9k?
Thank you so much for any advice.
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