Posts Tagged interest

Woohoo! A free netbook from my bank! Errrr…..

Posted by admin in Blog on November 16th, 2009

Where’s my microscope?

So, if I domicile my nomina for 36 months, each nomina being over €1,200 with Openbank, they will give me a free netbook worth (in the very very small print) €248.79.

Sooooo….. Frankly I can’t be bothered to work out the rate. But if I dumped the whole lot in a yearly period at 1% interest over three years (36 months) I’d get about €850 back in interest.

So yes, I know, bills outgoing and monthly payments and all that…. I think I’ll pass. But I was excited for a few seconds. Just makes the letdown bigger.

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Personal loans to companies

Posted by admin in Blog on November 4th, 2009

Neat!

Up to now, if you owned more than 5% of a company and lent it money, any interest charged on that loan would be taxed on your general IRPF at amounts of up to 43%.

But, tax law 11/2009, just approved, changes this and backdates the change to the 1st of January 2009, which is useful.

So now, to work out tax on interest charges, multiply by 3 and your percentage of participation in own funds of the company:

-Interest on the loan that does not exceed the net income declared in the previous fiscal year is taxed at the same level as interest paid on any other savings (ie 18%).

-Interest on the loan that exceeds this amount will be charged at the corresponding level of tax for your income band.

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