Hi,
I took out a loan from my company to the sum of £5000.00 back in May 2015. I've been paying it off slowly and my accountant has advised me:
"If the loan is less than £10,000 at the year-end (30/09/15) there are no consequences if the loan remains unpaid after 9 months of the year-end."
But I find the HMRC guide lines less definitive:
https://www.gov.uk/directors-loans/y...-company-money
If I'm reading it correctly then it doesn't mention anything about this. They simply say that if the loan isn't paid within 9 months of the end of year then there will be consequences (Tax, benefit in kind etc).
I'm not trying to undermine my accountant but I'd like to see some concrete evidence to consolidate their advice.
Does anyone have any concrete information that would bring clarity to this?
I took out a loan from my company to the sum of £5000.00 back in May 2015. I've been paying it off slowly and my accountant has advised me:
"If the loan is less than £10,000 at the year-end (30/09/15) there are no consequences if the loan remains unpaid after 9 months of the year-end."
But I find the HMRC guide lines less definitive:
https://www.gov.uk/directors-loans/y...-company-money
If I'm reading it correctly then it doesn't mention anything about this. They simply say that if the loan isn't paid within 9 months of the end of year then there will be consequences (Tax, benefit in kind etc).
I'm not trying to undermine my accountant but I'd like to see some concrete evidence to consolidate their advice.
Does anyone have any concrete information that would bring clarity to this?
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