Hi ,
I have a query regarding IT 45 (loans) and P11D
Scenario :
Employee has a loan 0200 - Building loan with annuity payme
Employee is changing the company code w.e.f 1 April 2015 hence in IT 45 we have created an entry w.e.f 30 march 2015 with complete repayment of the remaining balance (i:e approx 8333 pound).
Created a new record w.e.f 1 April (date from which he is moving to new company code) with payment type Loan Balance Transfer.
After running payroll , when we run P11d then we noticed that /LAE is reported with the remaining balance 8333 however it should be zero as complate payment has been done.
Loan 2 is fine , correct values are reported ;however I am worried about loan 1 .
Can anyone please advice me on this .
about /LAE - I know If the loan was however paid back in full at some point in time during the given tax year, the amount stored in this wage type
represents the last outstanding value of the loan prior to being paidoff
This amount creates a problem when reported in P11D with higher value despite of the fact that complete payment has been done due to company code change
Thanks
Pallavi