Forgiving a loan to the company by a Director

Question

The Director has forgiven loan to the company and we would like to remove the liability on the accounts records - how is this done?

duncans · Answer

Crocky​ Earl_HD​&nbsp;&nbsp;Talk to your Tax Accountant.&nbsp;Forgiving of Loans can have serious Tax consequences.&nbsp;Duncan

earl_hd · Answer

Hi Crocky,Great question. If the account has no transactions, you can delete it; otherwise, make it inactive. Please see this help page for detailed guidance. Adding, editing and deleting categories
Regards,Earl

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Forgiving a loan to the company by a Director

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