Beneficial loans. What is it and How to Assign?

Beneficial loans are interest-free loans or loans with an interest rate below HM Revenue & Customs (HMRC) official rate of interest that are provided to your employee or their relative by any of the following:

• You

• A company or partnership you control

• A company or partnership that controls your business

• A person with a material interest in your business

Beneficial loans can also be considered, if you or any of the others in the list above arrange, facilitate, or guarantee a loan, or take one over from someone else. For more information click here.

Road Map - Assign Beneficial loans
Process P11D -> Assign P11D Benefit -> Select H. Interest-free and low interest loans -> Assign Benefits button -> Add New Loan button -> Save button -> Done button
( 'Process P11D' is the button positioned in the tasking zone menu at the top. It is the fourth button from the left)