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

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 displays 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 > View/Edit

OR

Process P11D > Assign P11D Benefit > Assign Benefits > Interest free and low interest loans > View / Edit

Fields Available

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

The following details are displayed in the Loan Details area.

• Loan Start Date: This field displays the date on which the benefit was made available to the employee.
• Loan End Date: This field displays the date up to which the benefit was made available to the employee.
• Loan Category: This field displays the loan category.
• Loan Short Description: This field displays the type of loan taken out.
• Loan Usage: This field displays the purpose for which the loan was taken out.
• Loan Amount: This field displays the amount of loan taken out.
• Memo: This field displays any additional information regarding the loan.
• Benefit Calculation Method: This field displays the benefit calculation method.
• Official Rate of Interest: This field displays the official rate of interest.

The following details are displayed further.

• (H 1) Amount Outstanding at begin of tax year or at date loan was made if later: This field displays the amount of loan that was 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: This field displays the amount of loan that was 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: This field displays 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: This field displays the number of people who have jointly borrowed the loan (if any).
• (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.
• (H8) Interest made good by Employee for current tax year: This field displays the actual amount of interest paid by the employee.
• (H) Total Cash Equivalent: The cash equivalent amount will be displayed here.

Associated Tasks

• Done: If you have finished viewing the details and wish to leave this screen, click on this button. You will be taken back to the Interest free and low interest loans - List screen.
• Edit: To edit the details of the loan provided, click on this button. It opens the Interest free and low interest loans Edit screen.

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