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  • Tips & Advice You & Your Business - Q&A - paying interest to an individual
    Q&A - paying interest to an individual..Q. I recently started a company with money I borrowed from a family member. We’ve agreed an interest rate and the repayments will start shortly. Are there any HMRC procedures I need to follow? A. Each time you make a payment of interest you might be required to deduct tax and pass it on to HMRC - it depends on who the family member lent the money to. If they lent you the money which in turn you put into your company, you don’t need to deduct tax from the interest...
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  • Tips & Advice You & Your Business - New rate for beneficial loans
    New rate for beneficial loans.. Company loans. The Taxman has recently announced that his “official” rate of interest has been reduced to 4.75% (previously 6.25%). This interest rate applies to loans made by companies to their directors (and other employees). It should not be confused with the interest payable on overdue tax. The revised rate took effect on March 1 2009. So could this affect you? How is it applied. The official rate applies where a loan exceeds £5,000 at any time. Loans that stay below...
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