Good morning all
I’m just completing a batch of P11Ds and I’m struggling to find the answer to the following:
At the start of the tax year a director (and shareholder) borrowed £50,000 from the Limited Company. Interest is chargeable on this loan at a rate of 2.5% (HMR&C official interest rate) and the director has made interest payments each month into the Company bank account to cover these charges.
I am happy that there is no taxable befit in kind, however, does the information regarding this loan still need to be reported on form P11D?
Thank you in advance for any responses
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