Can someone clarify the following for me please:
1. If a director takes a loan of £15k on 01.06.14 and following a dividend voted on 05.04.15 their DLA is now in credit, based on the normal average method, the beneficial loan interest is worked out as follows:
£15,000 + £0 / 2 = £7,500 x 10/12 = £6,250 x 3.50% = £218.75
2. If you were using the alternative method and the loan was overdrawn prior to 01.06.14 al be it less than £10k do you work out the interest from 06.04.14 or from when the loan was over £10k.
3. Is the daily interest calculated on the whole loan, and not just the amount over £10k?