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  • 1,500+ Business Documents - Employee loan record
    Employee loan recordA taxable benefit may arise where a director or employee is provided with a loan, either interest free or at a favourable rate of interest. Use this document to calculate what, if anything, you need to declare to HMRC.Important to monitorWhere a cheap-rate or interest-free loan is made to a P11D employee or director, a benefit in kind will have to be included if it's more than £10,000 at any time during the year. You can use HMRC's P11D working sheet to calculate the amount you need to include....
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  • 1,500+ Business Documents - Alternative interest calculation method letter
    Alternative interest calculation method letterWhere an employer provides a cheap rate or interest-free loan there's more than one way to work out the taxable benefit - the normal averaging method or the alternative precise method. You can elect to substitute the figure calculated using the normal average method for the alternative precise one. Two methods1. Average loan balance. Where the interest payable by you on a loan from your company is less than the amount that you would pay at the official rate...
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  • 1,500+ Business Documents - Employee loan agreement
    Employee loan agreementTo avoid a payment to an employee/director being treated (and taxed) as additional salary, you could reclassify it as a fixed-rate loan. What documentation will HMRC need to be convinced about this?Inexpensive financeThe income tax paid by a director or employee on a subsidised loan provided by their employer is based on the difference between the interest rate actually charged and what is known as the "official rate". The official rate is subject to review in the event of significant...
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