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Search results: 37 article(s) found in topic: Tax and VAT - keyword: Director's loan accounts

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Should you write off or release a director’s loan?

One of your company’s director shareholders wants out and as part of the deal he wants the balance of his overdrawn director’s loan account written off. What steps are needed to make the arrangement tax efficient for your company? More...


Tax-free cash from your company

You need extra spending money for your summer holiday. As your company has plenty in the bank you’re considering transferring some to your personal account or using your company credit card while away. Which option is more tax efficient? More...


Corporation tax refunds and directors’ loans

A director shareholder has run into financial trouble and can’t repay money he borrowed from the company. As a goodwill gesture the board has agreed to forgo repayment, but for tax reasons should it write off or waive the loan? More...


Can you reduce the tax and NI on company loans?

Our subscriber’s company lent him a large sum shortly before the end of the last tax year. His bookkeeper says that the timing of the loan means he and the company face a large tax and NI bill. Why and is there a way to dodge it? More...


When are company loans to directors not taxable?

A year ago your company made a loan to a senior employee. They are about to be made a director. There can be stiff tax charges for directors’ loans, but as the employee wasn’t a director when the loan was made, will they apply? More...


Avoid tax traps when personally using company cash

If you use your company’s money to pay for personal items or just to top up your cash, it can result in tax charges. When will these apply and how can you legitimately avoid them? More...


A tax-saving solution for directors’ loans

During the last year you’ve used your company’s money to pay a number of personal bills. This will trigger extra tax for your company unless you reimburse it or it waives the debt. What’s the most tax-efficient way to tackle this? More...


How to escape increased taxes on company loans

HMRC’s official rate of interest is at an all time low. That’s good news if you’ve borrowed money from your company, but eventually the rate is bound to rise. Is there a way to dodge a corresponding increase in your tax bill? More...


Avoiding the tax hike on directors’ loan accounts

In his 2016 Budget the Chancellor raised the rate of tax companies must pay when they lend money to their directors. One way to avoid it is to clear the debt with a bonus. What special steps are needed to put this into effect? More...


When does personal borrowing qualify for tax relief?

HMRC has strict rules on when business owners can claim tax relief for interest they pay on personal loans used to fund their businesses. What are they and what steps can you take to avoid falling foul of them? More...
Last updated: 26.05.2020

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