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Tax Laws for Director

  • 13-05-2010 9:35am
    #1
    CuriousPaddy
    Closed Accounts Posts: 15 ✭


    I am currently employed by a firm with a contract that does not allow me to earn money by any other means. Thus, the tax I pay is solely based on my earnings with my employers.

    My problem is, however, that I recently discovered that I have been signed up as a director of the "Family Business" company. I get a very small sum per month (couple of hundred Euros), which I am owed from an interest free loan I provided some time back.

    Is it possible that I am breaking tax laws in any way? The last thing I want is for something like this (tax evasion) to come back and haunt me for the rest of my career/life.


Comments

  • #2
    dbran
    Registered Users, Registered Users 2 Posts: 2,094 ✭✭✭dbran


    Hi CuriousPaddy

    You say it is an interest free loan, so the repayment must be of the capital element of the loan? In this case there is no tax implications as you are just getting back money lent to the company ie your own money.

    If it is in fact interest then it should be declared as income

    Kind Regards


    Dbran


  • #3
    CuriousPaddy
    Closed Accounts Posts: 15 ✭CuriousPaddy


    Thanks dbran,

    What if the accountant declared it as income on my behalf? What kind of impact would this have do you think... such a small sum?


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