Assalamu Alaikum wa Rahmatullahi wa Barakatuh,
What is the ruling on paying interest to your own business?
For example, if I loan £50,000 from my business (1-person business) to myself personally, upon returning the loan I would need to pay 2% interest, so would end up repaying £51,000 total.
Is this permissible as it will be going back to my business that I own fully?
Note that this extra £1,000 would be a profit for the business and would incur corporation tax of 19%.