Reclaiming section 455 tax

March 11, 2016 | by Sian Kelly | No comments

In family and personal companies, directors may lend money to the company and they may also borrow from the company. Where the company director borrows from the company, a record of the amount borrowed is kept in the form of a `director’s loan account’. The loan balance may be cleared by crediting dividends or salary to the account or by the director repaying money borrowed back to the company.

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