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BIK Directors Loan

  • 21-02-2017 1:17pm
    #1
    Heisenburg81
    Closed Accounts Posts: 322 ✭✭


    Folks,
    When an overdrawn Directors Loan is regrossed to calculate the income tax payable to revenue, is the BIK in relation to the interest free loan calculated on the Grossed UP Loan or the actual loan amount in the accounts?
    Please post a link to a relevant section if possible - Driving me nuts this one trying to get an answer.


Comments

  • #2
    Lockedout2
    Registered Users, Registered Users 2 Posts: 402 ✭✭Lockedout2


    It's the amount of the loan advanced.


  • #3
    Heisenburg81
    Closed Accounts Posts: 322 ✭✭Heisenburg81


    Lockedout2 wrote: »
    It's the amount of the loan advanced.

    Thanks. As in directors account debit.


  • #4
    xXlollsXx
    Registered Users, Registered Users 2 Posts: 68 ✭✭xXlollsXx


    Heisenburg81 wrote: »
    Folks,
    When an overdrawn Directors Loan is regrossed to calculate the income tax payable to revenue, is the BIK in relation to the interest free loan calculated on the Grossed UP Loan or the actual loan amount in the accounts?
    Please post a link to a relevant section if possible - Driving me nuts this one trying to get an answer.

    There's another way of dealing with this. U put the overdrawn amount through payroll and regross the net so it's the same as u took wages from the company, u pay normal paye usc and prsi on the regressed amount.


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