Directors Loan and Initial transfer through Cheque

[ishfaqsangra]

When I set up my company I transferred small amounts of 2500 and 1500 via cheques to my company with formal DL agreement and they are identifiable (through dates of transfer) in my personal and business statements but no name or Directors Loan mentioned on the statement.
Can I claim this with both statements being provided and highlighted.

(All other DL are from personal to business after DL agreement through faster payments with refrence as Directors Loan which shows(I.surname Directors Loan).

[zimba]

According to the rules, money transferred must appear in the business bank statements under your name. If your name does not appear, the case worker possibly assumes that it did not come from you

[ishfaqsangra]

So it means that I can not claim that even if I submit both personal and business statements?

Other Transaction (Faster payments) show (My first name Initial.surname Directors Loan)
Will that be OK?

[zimba]

This is what the rules say:

If the applicant has made the investment in the form of a director’s loan, it must be shown both in the relevant set of financial accounts provided, and through readily identifiable transactions in the applicant’s business bank statements, which must clearly show the transfer of this money from the applicant to his business.

So if they cannot identify the source of the transactions to you, it will not count

[ishfaqsangra]

I strongly beleive that relevant set of transactions with personal and business account statement should suffice this requirement....they did not say that applicants name or full name should appear..if the personal and business statements tally the dates and transfer it should be fine.
I am going to invest over 50 anyway but will include that amount also.

[Satinder25]

HI All,

In my case we 50k Partners have joint personal account and transferred 50k in one go but the statement states my B. Partners name and not mine. However in the personal Joint statement shows my share of money for that time.

Will that be ok

Also what covering documents should be provided to explain the transaction?

Thanks

[zimba]

Yes it should be OK as it can be traced back to you.