Last year you used £15,000 of company money to buy yourself a new car. Both you and your company will have to declare the loan to HMRC. Is there a legitimate way to avoid having to do this?
Published 05.03.2014
You need to borrow money to pay for home improvements. Your company will advance you the cash if you pay it interest at HMRC’s official rate to prevent a benefit in kind. How can a little-known tax
break protect you from interest rate rises?
Published 04.10.2022
Your company’s salesman receives a monthly salary plus a commission based on sales. They’ve now asked if you could lend them £15,000 to be repaid from their commission. What’s the Taxman likely to
think about all this?
Published 27.09.2007
With all the fuss over HMRC’s new anti-avoidance rules for loans to director/shareholders, are you overlooking the most important point? Can borrowing from your company still be a tax and
cost-efficient benefit in kind?
Published 21.06.2013
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?
Published 17.09.2019
Over the last year you needed to borrow money from your company which pushed your director’s loan account into the red. You now want to clear the debt. What are your options and what potential tax
pitfalls might there be?
Published 09.03.2021
If you borrow money from your company it might have to pay a special tax charge for the privilege of letting you use its cash. The tax bill can be avoided if the debt is repaid, but is it better for
your cash flow to pay it?
Published 19.11.2021
You borrowed cash from your company last year and the plan was to clear the debt with a dividend from your company next tax year. The trouble is by then the new higher dividend tax rate will apply.
Should you therefore clear the debt sooner?
Published 27.09.2021
One of our subscribers lent money from his business to help an employee whose partner lost their job last summer. After repayments the employee’s loan is now just below the key £10,000 limit. Does
our subscriber need to report it to HMRC?
Published 24.02.2021
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?
Published 13.05.2020