Loans - an overview

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Details of all loans provided to employees by reason of employment should be included on the loans tab.

 

The program calculates the opening and closing balances for the period of the loan in order to perform the benefit calculation under the averaging method.

 

You can enter the basic balance information in order to calculate the loan benefit. Alternatively, you can enter each transaction on the loan throughout the period.

 

The rules for beneficial loan calculations can be complex. For further guidance see the HMRC booklet 480.