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Are you ready for workplace pensions?

40,000 small and medium sized companies hit their pension auto-enrolment staging date in 2014. Are you... Read more

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HMRC nudge letters

HMRC has sent a letter headed ‘Your effective rate of tax’ to around 1,000 high net worth individuals ... Read more

Tyas & Company
Chartered Accountants, Registered Auditors, Tax, Financial & Business Advisors

Tyas & Company Chartered Accountants, Crawley

New tax free limit for company loans

Since 6 April 2014 directors can borrow up to £10000 ( previously £5000 ) from their company without a tax charge being triggered. This new limit also applies to existing loans. However if the loan exceeds £10000 by even £1 the whole of the loan becomes taxable as a Benefit in Kind.

Where husband and wife are both directors they each have their own £10000 limit.

Be aware that if the loan is not repaid to the company within 9 months of the company year end the company incurs a tax charge.

There are strict anti-avoidance rules so seek professional advice.

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