It can make sense financially for directors of personal and family companies to borrow money from the company rather than from a commercial lender. Depending on when in the financial year the loan is taken out, it is possible to borrow up to £10,000 for up to 21 months without any tax consequences. However, if…
Directors’ loan accounts – avoiding the risks
HMRC produce a series of toolkits which set out common errors that they find in returns. The hope is that by being familiar with the mistakes that are routinely made, steps can be taken to avoid them. Although the toolkits are aimed primarily at agents, they are useful for anyone who has to complete a…
Tide Business Banking
Breaking News!! We are now proud Tide partners!! As a Tide partner, we can offer you a FREE business current account in minutes, straight from your phone, saving you time and money. This offer is open to existing clients, new clients, and individuals. Sign up with Tide Follow the link to open your FREE Tide…
Director’s loan accounts
Why it’s important to keep proper records as a director HMRC commonly find errors in relation to directors’ loan accounts when making routine reviews of company tax returns. Here we look at the importance of maintaining proper records of cash and non-cash transactions between the company and the directors. Directors’ personal expenses A statutory rule…