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Tax Breaks for Directors - Part 1 Directors only - 7. Loans to directors - 7.1. Introduction
7.1. IntroductionA loan from the company to a director can take many forms. It may be a formal arrangement under which the company provides you with funds which you agree to repay by a certain date, possibly with interest. Or it can be a payment of salary in advance.Tax breakA loan is not classed as earnings for tax purposes and so no tax or NI is payable when it is made by a company to a director. A loan can therefore be a useful way of deferring tax and NI charges.However, a company loan to a director...Click here -
Tax Breaks for Directors - Part 2 Director shareholders - 15. Director’s loan account - 15.1. Introduction
15.1. IntroductionDirector’s loan account (DLA) simply describes the situation where either the company owes a director money or vice versa. Typically, a DLA is first created shortly before a company first starts to trade where the shareholders/directors put money in as start-up capital. The company now owes the directors. Of course, where the director draws money from the company which is not earnings or dividends, it will reduce the debt the company owes or make their DLA overdrawn.Monetary transactions...Click here -
Slash Your Tax for Small Businesses - 5. Taking the profits out of the company tax efficiently - 5.8. Loans - 5.8.1. Rather than paying tax taking profits out, can’t I just borrow the money from the company?
5.8.1. Rather than paying tax taking profits out, can’t I just borrow the money from the company?Yes. However, taking loans from the company does have certain tax consequences, so you should be cautious with loans.Click here
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