Director Loan Account Explained 20202021

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The Director Loan account is an extremely useful tool available to a company director. It allows you to extract liquid cash from your company for personal use as well as being able to lend your company money should this need arise. In this video we're explaining the basics of the Director Loan account as well as how the accounting works for overdrawn director loan accounts loans to a company from a director. • Accounting Tax Academy Free Membership Site → • 🌏 http://aidhanfinancial.com/accounting... • FREE DIRECTOR LOAN AGREEMENT DOWNLOAD → • 🌏 https://aidhanfinancial.com/loan-agre... • Full HMRC Interest Rates → • 🌏 https://www.gov.uk/government/publica... • ⏱️ Time Stamps: • 0:49 - What Is A Director Loan Account? • 1:24 - How Much Can A Director Borrow / Lend? • 2:21 - How Does the Accounting Work for a Director Loan Account? • 3:01 - What Taxes Are Potentially Payable On a Director Loan Account? • 5:32 - Recommended Paperwork [FREE DOWNLOAD] • If you want my my team's expert accounting and tax help, you can book a discovery call through our website → 🌏 https://www.aidhanfinancial.com/ • Put simply, a Director Loan is money you take from your company that is not a salary, dividend or money you have not previously loaned your company. The director loan account can take 1 of 2 forms: If you borrow money from your company this can be referred to as an Overdrawn Director Loan account, and when you lend money to your company and this can be referred to as a Loan From Director. • In this video we'll also explain the Section 455 Tax Charge, which is incurred when you have an outstanding director loan and you haven't paid it back within the 9 month window after your company year ends. The S455 tax charge is 32.5% of the total loan amount, which is potentially quite a hefty sum to pay over to HMRC, the good news is that you can claim this back whenever you have repaid the director loan. • Make sure to Subscribe for more empowering tax accounting content from real qualified accountants. • ★☆★ OUR MISSION ★☆★ • Me my team are dedicated to helping and empowering YOU to 'Know Your Numbers' so you can make calculated and informed decisions in your business, company and personal finances towards your definition of success. • ★☆★ OUR PHILOSOPHY ★☆★ • If you take care of your numbers (finances), your numbers will take care of you, your family and those you value the most. • 🔴 DISCLAIMER • Our videos are for general guidance, education and empowerment in helping you understand accounting, tax and your numbers. They in no way constitute specific advice to your specific circumstances. Me my team would be delighted to help you with your specific queries or accounting requirements through a formal engagement. • #directorloan #directorloanaccount #directorloanagreement

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