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Nuts and bolts
Key points
- If withdrawals from company are not treated as salary or dividends they could be a loan.
- Liability under CTA 2010 s 455 is payable nine months and one day after the company year end.
- The tax liability calculated at 32.5% of the loan is payable on the normal corporation tax payment date.
- Anti-avoidance legislation will catch repayments and replacement borrowing.
- A loan write-off is treated as employment earnings for National Insurance purposes.
- Benefits in kind provided to a shareholder who is not an employee would be treated as a dividend.
My brother Derek and I are ‘zooming’. Six months ago that would have conjured up images of the two of us speeding along in a fast car. Now that couldn’t be...
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