Article Database - Topic: 'Loans' - Keyword: 'Benefit-in-kind'

 
Personal tax and NI cost of borrowing from your company Publication date: 30.04.2020
Article database » Loans » Benefit-in-kind
If you borrow money from your company it can result in a tax charge. HMRC allows you and your company to use different methods to work out the taxable amount. Which is the most tax efficient?
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Relocating home using your company’s cash Publication date: 31.10.2018
Article database » Loans » Benefit-in-kind
In some circumstances a business can pay the home relocation costs of employees or directors tax and NI free. This can include providing low or interest-free loans. What are the conditions for this exemption and how long can it apply?
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Is paying interest on a loan from your company tax efficient? Publication date: 18.09.2017
Article database » Loans » Benefit-in-kind
Where you borrow money from your company it counts as a taxable perk. The tax can be avoided by paying interest on the loan, but is it tax efficient or are you better off taking the tax hit?
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HMRC’s official interest rate falls Publication date: 31.03.2017
Article database » Benefits » Miscellaneous
HMRC’s official interest rate falls..Interest going down. For the first time in two years HMRC’s official rate of interest will change. On 6 April 2017 it will fall from 3% per annum to 2.5%. What’s it for? The official rate isn’t what HMRC charges on overdue tax bills, but is used for calculating the value of certain benefits in kind, i.e....
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What’s the latest on directors’ loans? Publication date: 13.10.2016
Article database » Loans » Benefit-in-kind
In September 2016 HMRC updated its Directors’ Loan Accounts Toolkit. Are there changes that might cause trouble for you or your company?
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A tax-efficient loan to buy your business premises Publication date: 09.09.2015
Article database » Loans » Benefit-in-kind
If you’re repaying a personal bank loan that was used to buy your company’s business premises, you’re entitled to tax relief on the interest you pay. But what’s the most tax and NI-efficient method of claiming this?
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Time to plan your year-end bonus? Publication date: 16.03.2015
Article database » Loans » Benefit-in-kind
Borrowing from your company can result in it having to pay extra tax, but it can be avoided if you repay the debt within a set time period. What steps can you take to make sure repaying what you owe is as tax efficient as possible?
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A tax-saving tip for company loans Publication date: 21.01.2015
Article database » Loans » Benefit-in-kind
The personal tax cost of borrowing from your company is currently quite low. However, when the time comes to repay the loan there’s a neat trick you can use to reduce it further. What is it and how does it work?
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HMRC cuts official rate of interest Publication date: 05.03.2014
Article database » Benefits » Benefits-in-kind
HMRC cuts official rate of interest.. Cost of borrowing. For the first time in four years HMRC has changed its official rate of interest. With effect from 6 April it will fall from 4% per annum to 3.25%. What’s it for? The official rate isn’t what HMRC charges on overdue tax payments, but the rate it uses to work out the value of certain benefits...
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How far can you stretch a tax-free loan? Publication date: 18.02.2014
Article database » Benefits » Benefits-in-kind
From April directors can borrow more from their company without being taxed. The downside is that the company still faces a tax bill. As a director how can you take advantage of the new tax break without your company being hit?
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