Reclaiming tax once director's loan repaid

July 12, 2016 | by Sian Kelly | No comments

In family companies, many directors and shareholders maintain loan accounts with the company. As long as any loans are cleared within nine months and a day of the year end (i.e. by the date by which corporation tax for the period is due), the only tax charge that potentially arises is a benefits in kind charge if the total balance owed by the director tops £10,000 at any point in the tax year.

Read More

Latest Tweets