For those who haven’t heard of Bartercard.
Bartercard is the World’s largest business to business Trade Exchange servicing over 75,000 trading members across 6 countries with the World’s largest computerised Barter Network
Basically members exchange goods and services instead of cash and a Trade Pound has the same value as a Pound Sterling.
Bartercard is reported in your accounts in the same way as a Bank Account.
My Bartercard contacts tell me that currently one of the most popular ways to use Bartercard is to repay Directors Loans, the Director sells or auctions personal items, selling via Bartercard is easy and members are always keen to buy, they then use the Trade Pounds to repay the Directors Loan.
I know you might say why don’t you just sell for cash, which you could do, but because some products such as electrical items are in short supply in Bartercard, on the auction site (much like EBay) they will almost certainly be sold for a premium price.
Once you have paid off your directors loan you may be eligible for a Corporation Tax refund. http://stevejbicknell.com/2012/01/02/pay-off-your-directors-loan-and-reclaim-corporation-tax/
2 thoughts on “Trade away your Overdrawn Directors Loan”
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