Interest paid by company | AccountingWEB

Interest paid by company

Where a company pays interest on a loan from an individual the interest would normally be paid net with a CT61 to cover the tax deducted. Where the individual is a non taxpayer - due to age and low income, is there a way to pay the interest gross in the same way an R85 will get bank interest paid gross or does the payment have to be paid net and then the individual reclaims the tax deducted?

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Banks interest has tax

eastangliantaxadvisor |
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