I am trying to understand the rules for Directors loan and who this should be reported against.
A family business which is a close company is taking a directors loan for the main director and a second loan for the wife who is a employee and shareholder.
From the company point of view it is clear the S455 applies to both loans https://www.gov.uk/hmrc-internal-manuals/company-taxation-manual/ctm61505
However from a personal point of view as the wife is not a director, does her loan get reported against the director her husband as she is receiving the loan as a connected person to him.
Or would the loan get reported in her own P11D? I am trying to find some legislation to state the correct treatment.
I am unclear if the wife's loan as an employee and shareholder still gets reported against her personally or will both loans go on the directors P11D.