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  • 1,500+ Business Documents - Interest payable on loan account minute
    Interest payable on loan account minuteWhere a director's loan account is in credit, the board can agree to pay interest on the balance. This should be recorded in a board minute.When to use this board minuteIt's advisable to set out the terms and conditions of how much interest will be paid and when, and record this in a board minute - our Interest Payable on Loan Account Minute provides suitable wording. This proves that there is an obligation on the company to pay this interest.The company is entitled to...
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  • 1,500+ Business Documents - Director's loan account write-off letter
    Director's loan account write-off letterAn overdrawn director's loan account can be cleared by the company if the directors or shareholders agree to write the loan off. However, it must get the paperwork right.Reporting requirementsWhere a director or shareholder's loan is written off, s.415 Income Tax (Trading and Other Income) Act 2005 says that it's taxed as income in the same way as a dividend. The director must report the write-off in their self-assessment personal tax return and the company notify the...
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  • 1,500+ Business Documents - Director's loan agreement
    Director's loan agreementA director shareholder doesn't have to sign a loan agreement when they borrow money from their company. The terms of borrowing can be agreed orally or just implied. However, in certain situations a director is required by company law to obtain permission from the shareholders prior to borrowing company money. Get it in writingShareholder approval (generally by ordinary resolution) is only required for directors' loans in excess of £10,000 (the limit is £50,000 if the loan is to meet...
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  • 1,500+ Business Documents - Director's loan account record
    Director's loan account recordA taxable benefit in kind may arise where a director is provided with a loan, either interest free or at a rate of interest below HMRC's official rate. Use this document to calculate what, if anything, you need to declare to HMRC.Make a noteWhere a cheap rate or interest-free loan is no more than £10,000 at any time during a tax year, there is no taxable benefit. But where it exceeds this the whole loan is subject to the benefits tax rules. It's therefore important to monitor loans...
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