Director 'A' would like to take a loan of £200k from his company on 1st September 2022. He intends to enter into a formal loan agreement with the company and pay interest on the loan at the HMRC Official rate of 2% (calculated per day). He also intends to repay the loan in full by 1st January 2024 (within 9 months and 1 day of the company's year end of 31st March 2023).
Please can you confirm if the above would trigger a BIK and require the company to complete and submit a P11D/P11Db? And if any NI is payable by the company if the official rate of interest is being paid by the Director on the loan?
If the answer to the above question is no, this does not trigger a BIK, am I right in thinking that the only liability to either the Director or company would be the interest on the loan as agreed? Providing the official rate of interest is charged and the loan is repaid in full within 9 months and 1 day of the year end?