Melanie1
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Director's Loan - P11D or not?

Director's Loan - P11D or not?

A sole director of a ltd company has transferred a sum in excess of £10k to their personal account in the middle of the company's accounting period.    The director is in a position to return the sum back to the company in a few weeks of making the transfer (which will mean it is returned before the year-end).     The company has not registered for PAYE since no salary has been paid and no taxable benefits have been paid to the director. 

Does the director have to file a P11D? (which would then entail registering for PAYE for the current tax year solely for the purpose of filing a P11D).  

Thanks

Melanie

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25th Feb 2016 18:28

Interest is payable above the HMRC rate.   That should have been stated in the original post.  Any feedback would be appreciated.

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By Matrix
25th Feb 2016 18:37

In that case there is no reportable benefit. 

If you had needed to submit a P11D then it is possible, do a search on here, a PAYE scheme would be required.

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27th Feb 2016 12:25


.So if no reportable benefits, then no P11D submission required?

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