This session will look at your options to deal with director loan accounts in a post COVID world. Directors may have had to draw on company funds to keep themselves afloat, but may find that there are insufficient profits to deal with the position they find themselves in. This session will look at all of the potential solutions and through the mechanism of worked examples will help you identify the best plans for different situations.

The content will include:

• Loan account debit balances – the tax implications
• Dividends – what is the cost? What is the problem?
• Salary or bonus – how do the numbers work? Getting corporation tax relief for the payment. Timing and PAYE liabilities.
• Writing off the loan. The tax implications. What else do I need to bear in mind?
• Specific issues for directors of companies affected by the Off Payroll Working rules.

Rebecca Benneyworth is a lecturer and writer on a variety of tax matters. She has her own practice in Gloucestershire, and was named tax lecturer of the year at the Lexis Nexis Taxation awards in May 2007. She is also Tax Editor of AccountingWEB.co.uk.