H&W company’s DLA was almost £100,000 in credit. They wish to benefit from the savings allowance and receive interest on the loan. The loan is not really needed – money is parked in the company bank account. What interest rate can they pay without fear that HMRC re-classify it as earnings? Interest rates on unsecured loans (they rent their home) are quite high, but if you put money into a savings account you get very little.
BTW what are the penalties on late submission of CT61 and late payment of tax?
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