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Director's beneficial loan reporting requirements

If interest is paid at the HMRC official rate, is there still a P11D reporting requirement?

Hi. I know this is a topic that is done to death but the more I look into it the more confiused I get. If a director pays interest on their overdrawn loan account (>£10k) at the HMRC official rate and the interest is paid by 19 July, is it still necessary to report the loan on a P11D, albeit there is no Class 1A for the company? I have read that if sufficient interest has been paid, then the director has not received a beneficial loan, and so there is nothing to report, hence no P11D required. Thanks in advance for any help.


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26th Mar 2019 16:10

Broadly, if the rate of interest charged is at a higher rate or equal to the official rate, no report is required. There are a few other exemptions you might be interested in;

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