I have changed from a sold trade to a limited company. The LTD company has absorbed all the assets in the form of a directors Loan… e.g. €100,000. I plan to repay my self €5,000 per month tax free until it is fully paid off.
To account for this, is it the normal way for a directors loan? I thought it might be different as there is no monetary input. At the moment I setup a separate, virtual bank account and called it “directors loan” and give it a negative opening balance.
Is the a good or bad way to do it?