The Covid-19 pandemic has had an adverse effect on millions of family companies, potentially reducing or eliminating profits. Where there is cash in the business
Discover the latest information on dealing with director’s loans and the section 455 charge for 2020/21, read more below.
Dealing with directors’ loans For accounting purposes, cash transactions between a director and a personal or family company are recorded through the director’s account. At
Be careful when borrowing money from your company as a director – you might fall foul of the ‘bed and breakfasting’ scenario
Directors’ loans – Beware of ‘bed and breakfasting’ It can make sense financially for directors of personal and family companies to borrow money from the
Directors’ loan accounts – avoiding the risks HMRC produce a series of toolkits which set out common errors that they find in returns. The hope