Your accountant has started work on your company’s accounts and he’s already warned you that your loan account is overdrawn. He recommends paying a dividend or bonus to clear the balance. But is
there a better alternative?
Published 25.02.2009
A tax tribunal recently ruled that a company owed £40,000 in NI for writing off a loan to a director. But the evidence given in this case gave plenty of clues on how this charge could have been
avoided.What’s involved?
Published 02.09.2011
You want to pay yourself in the most tax-efficient way and this usually involves taking dividends, but these can only be paid if your company makes a profit. So what’s the position if you get your
sums wrong and you take too much?
Published 15.07.2013
You’ve borrowed some cash from your company as a stop-gap. But when the time comes to pay the money back finances are tight. How can you turn this tricky situation into a tax advantage?
Published 27.05.2009
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?
Published 02.05.2017
Now that the Budget has confirmed the hike in NI it makes even more sense to pay greater dividends and less salary. But there’s a right way and a wrong way to do this. Make an error and you’ll be
easy prey for the Taxman.
Published 06.07.2010
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?
Published 16.09.2019
Your director’s loan account is substantially in the red and likely to stay that way for a while. As this is a benefit in kind you’ll have to pay tax and your company, NI. Both can be avoided if you
pay interest on the debt but would it be tax efficient to do so?
Published 15.11.2022
Your company’s financial year is drawing to a close and your director’s loan account is in the red. This will trigger a tax bill, so your accountant advises taking a bonus to clear the debt. But how
should you calculate this and when should it be paid?
Published 07.12.2010
From March 24 the Chancellor has changed the rules on company loans to shareholders. In future, loans that a company writes off won’t get a Corporation Tax deduction. Are there ways to avoid this new
tax cost?
Published 13.04.2010