Article Database - Topic: 'Loans' - Keyword: 'Directors'

 
Directors - dodging the benefit in kind tax Publication date: 08.06.2020
Article database » Loans » Directors
Your bookkeeper has given you your P11D for approval. Where the company paid a few of your personal bills they show as benefits. You asked the bookkeeper to debit your loan account to cancel these but she says it’s not allowed. Is she correct?
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Directors’ loans - the trouble with joint accounts Publication date: 13.05.2020
Article database » Loans » Directors
You have been in business for several years without any trouble from HMRC. However, your accountant says that the way your director’s loan account is managed might increase your tax bill. Why, and can it be avoided?
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Short-term borrowing from your business Publication date: 16.04.2020
Article database » Loans » Directors
As a small business owner you might be able to fall back on its cash reserves during the coronavirus lockdown. If so, what are the longer-term tax and NI consequences for you and your business?
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Lending to your company - avoid a tax trap Publication date: 16.10.2019
Article database » Loans » Directors
A few years ago you personally borrowed money to help your company through a sticky patch. A colleague says that you could claim a tax deduction for this. Assuming he’s correct, how much tax relief can you claim?
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Directors’ loans - is a book entry better than cash? Publication date: 17.09.2019
Article database » Loans » Directors
As a shareholder if you owe your company money it might result in an extra tax charge. This can be avoided by clearing the debt with a simple book entry or as a transfer of the cash required, but which is the best option?
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Directors’ start-up costs - how to claim them? Publication date: 22.05.2019
Article database » Loans » Directors
You paid expenses personally to get your company up and running. You don’t expect it to be able to repay these or give you a salary for some time yet. Can you claim a tax deduction for the start-up costs?
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Borrowing from your company - keep the tax cost down Publication date: 07.01.2019
Article database » Loans » Directors
Directors can indefinitely borrow up to £10,000 interest free from their companies at no tax cost to themselves. The trouble is the company will have to pay tax and tough anti-avoidance rules apply. Is there a way to legitimately avoid them?
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Loans to directors - when do special charges not apply? Publication date: 26.11.2018
Article database » Loans » Directors
A stiff tax for your company can arise if you borrow money from it. A colleague tells you it can be avoided if the loan is on commercial terms. Is she correct and are there other ways the tax bill might be dodged?
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Directors’ loans - the importance of proper paperwork Publication date: 25.06.2018
Article database » Loans » Directors
Your company lent a director £20,000 over three years. The board suggested interest should be paid to prevent tax charges. The interest was debited to the director’s loan account, but HMRC says it has no effect on tax. Is this correct?
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How to escape company tax on directors’ loans Publication date: 09.04.2018
Article database » Loans » Directors
As the director shareholder of your own company you might borrow from it to cover personal expenses. The trouble is owing money to your company can trigger a hefty tax bill. How can you avoid this without repaying what you owe?
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Last updated: 31.07.2020
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