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…
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…
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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…
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