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Benefit - H. Interest free and low interest loans - Add

Use

A director or employee obtains a benefit by reason of their employment when he or she, or any of their relatives, is provided with a cheap or interest free loan. This screen is used to enter the details of the interest free and low interest loans provided to the particular employee you selected.

Path

Home > Assign Benefits > Interest free and low interest loans > Add New Loan

OR

Process P11D > Assign P11D Benefit > Assign Benefits > Interest free and low interest loans > Add New Loan

Fields Available

The top row displays the details such as name, department, E-Mail address etc. of the selected employee.

Fields marked with an asterisk (*) are mandatory.

Enter the following details in the Loan Details area.

• Loan Start Date: Enter here the date on which the benefit was made available to the employee. You can use the calendar button to enter the date.
• Loan End Date: Enter here the date up to which the benefit was made available to the employee. You can use the calendar button to enter the date.
• Loan Category: From the drop down list, select the loan category.
• Loan Short Description: From the drop down list, select the type of loan taken out.
• Loan Usage: From the drop down list, select the purpose for which the loan was taken out.
• Loan Amount: Enter here the amount of loan taken out.
• Memo: Enter here any additional information regarding the loan.
• Benefit Calculation Method: From the drop down list, select the benefit calculation method.
• Official Rate of Interest: This field displays the official rate of interest. It is a non-editable field.

Enter the following details

• (H 1) Amount Outstanding at begin of tax year or at date loan was made if later: Enter here the amount of loan that is outstanding either at the beginning of the tax year or on the date when it was first made (if it was first made in this tax year).
• (H 2) Amount Outstanding at end date of tax year or at date loan was discharged if earlier: Enter here the amount of loan that is outstanding, either at the end of the tax year, or on the date when it was paid off (if it was paid off in this tax year).
• (H 3) Average balance of Loan: This field displays the average balance of the loan.
• (H 4) Maximum amount outstanding at any time in the year: Enter here the maximum amount of loan that was outstanding at any time during the year.
• (H5) Interest payable for the current tax year (According to official rate): This field displays the interest to be paid by the borrower (s) for the current tax year according to the official rate of interest.
• (H 6) Number of Joint Borrowers: If the loan is jointly borrowed, then enter here the number of people who have jointly borrowed the loan.
• (H7) Interest Payable for the current tax year by this Employee (According to official rate): This field displays the interest to be paid by the selected employee for the current tax year according to the official rate of interest.
• (H 8) Interest made good by Employee for current tax year: Enter here the actual amount of interest paid by the employee.
• (H) Total Cash Equivalent: The cash equivalent amount will be displayed here.

Associated Tasks

• Cancel: If you wish to exit this screen without saving the details, click on this button. You will be taken back to the Interest free and low interest loans List screen.
• Save: To save the details, click on this button. The Interest free and low interest loans - List screen appears displaying the newly added details.

Related Topics

Interest free and low interest loans - Edit