Keeping you up to date with the latest news and happenings in the worlds of accounting, tax and insolvency
Loans to directors – beware of the higher section 455 charge
Loans to directors – beware of the higher section 455 charge Section 455 tax is payable by a company where a director’s loan remains outstanding at the corporation tax due date. Directors and shareholders in close companies are often able to influence the payments t...
Directors’ loans – which loan should you repay first?
Directors’ loans – which loan should you repay first? In a personal or family company the director will often borrow money from the company, this is known as a 'Directors Loan'. This can be an easy source of finance, and also one that can be tax efficient as, if you ti...
Have you heard of ‘bed and breakfasting’ a director’s loan?
Directors’ loans – Beware of ‘bed and breakfasting’ It can make sense financially for directors of personal and family companies to borrow money, in the form of a director's loan, from the company, rather than from a commercial lender. Depending on when in the fina...
Directors’ loan accounts – avoiding the risks
Directors’ loan accounts – avoiding the risks 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, you can take the necessary steps to...
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