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Indicator - FL Memo Ltd
Tel: (01233) 653500. Fax: (01233) 647100
customer.services@indicator-flm.co.uk
www.indicator-flm.co.uk
Calgarth House
39-41 Bank Street
Ashford, Kent TN23 1DQ
VAT GB 726 598 394
Registered in England
Company Registration No. 3599719
If your company pays annual interest to an individual it must deduct income tax first and provide a corresponding certificate.
certificate
Interest is annual if it relates to a debt capable of lasting for a year or more. Where a company pays such interest to an individual, for example, to a director whose loan account is in credit, it must deduct income tax at the basic rate from the payment. The company completes a Form CT61 to notify HMRC of the interest it has paid and the tax deducted each quarter. Where a CT61 is required it must be submitted to HMRC within 14 days of each the quarter ending on 31 March, 30 June, 30 September and 31 December.
The company should provide the individual with a Certificate of Annual Interest and Tax Deducted. This can be done annually or more frequently, e.g. quarterly, if preferred.