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Archive for March, 2019

Tax on interest-free employer loans

My employer has offered to give me an interest-free loan to purchase an annual rail fare ticket costing £3,500. Will I have to pay tax on the loan? Strictly, the taxable benefit on cheap or interest-free loans is the difference between any interest paid and the interest payable at the ‘official rate’ (currently 2.50%). However,[…] Read more »

The ‘Section 455 Charge’

For accounting purposes, cash transactions between a director and a personal or family company are recorded through the director’s loan account. At the end of an accounting period, if the director owes the company money (i.e. the account is considered overdrawn), and the company is close (broadly, one that is controlled by five or fewer[…] Read more »


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