The practice of obtaining the status of lender and borrower by the employer and employee is currently quite common. This is beneficial because it helps to save interest on the individual. For the enterprise, this creates a significant plus, attracting the best personnel, and becomes one of the factors for increasing competitiveness. True, not everything is so simple. You need to know the rules for issuing money on credit, as well as the correct execution of the process.
Relevance of the issue
Many business leaders sooner or later think about whether it is possible to issue an interest-free loan to an employee. The fact is that a situation in which money suddenly became necessary can happen in the life of any person. The classic option is to contact a credit office or ask for help at a pawnshop. They are available to many, but disadvantageous due to the high interest rate. For a person, the option of receiving money without overpayments at the time of return is much more pleasant and convenient. The employer has the right to meet the employer and give him the desired amount. Typically, the decision does not require much time, is not accompanied by the calculation of interest, and the very conditions for providing money are milder than in the case of working with banks.
In order for an interest-free loan to an organization employee not to end with problems for one of the parties or both, it is necessary to declare the work as an agreement in which all details are fixed. The contract is the basis for lending money. It stipulates the age. You must understand that this format of the loan is completely legal, but only after signing by all interested parties becomes legally significant.
Features
In order for the interest-free loan from the founder to be lawful and correct, an agreement must be made in writing. Current legislation clearly stipulates the need to draw up an agreement on paper. If a person asks the company for money in order to spend it on acquiring a home, he can receive the sums received from the total mass of net profit. True, taxes must first be paid. By the way, in our country most often a loan of this format is offered to employees of the Ministry of Emergencies. It is both an encouraging measure and a means of support. Some enterprises interest-free loan money to employees in order to keep them in service for as long as possible. This is practiced only when the frame is really valuable.
About terminology
Is the type of issue of a loan to the employee from the cash desk under consideration, and what is generally hidden under the concept to which the material is dedicated? To deal with this, you should turn to the wording of laws governing our daily lives. The legislation sets an interest-free loan as transferring a certain financial mass to a person to achieve various goals. In this case, the employee does not have to pay interest for using the money entrusted to him. The employer has the right to set a small percentage, but it cannot be more substantial than the official inflation rate in the state.
An interest-free loan from the founder is not always in the form of money. It is possible to transfer property, if such is in the possession of the enterprise. The law stipulates the maximum amount that an employee is given: 50 minimum wages or less. The money received in this way cannot be spent on doing business. Refunds are allowed both in parts and the entire amount at once. The legislation stipulates the possibility of settlements on debts earlier than this is established by the original agreement. The recipient is required to pay tax on the amount that he was given. The company does not need to pay taxes on the money that it receives back from the borrower. This is due to the fact that there is no interest that would provide the company with a revenue component.
All according to the law
There are two options for giving a person money. You can give him the amount directly from the cashier. The second option is to transfer to a person’s bank account. Many modern firms have long introduced the practice of paying wages to the bank card of the employed. If the system is such, if the decision is positive, the loan is also paid without using cash.
All procedures accompanying such a process are established by applicable law. The general rules for directly formalizing the process can be found in article 42 of the block of laws on the tax policy of the state. When concluding a transaction, one cannot conflict with other aspects and requirements of the Tax Code. Since the loan is not accompanied by payment of interest, it is important to take into account the provisions of Art. 809 of the Civil Code of the Russian Federation. The laws do not establish any restrictions or prohibitions on the transfer of money to employees without paying interest. At the same time, it is important to correctly organize the process and carefully record it in the accounting documentation.
Tax nuances
The current legislation requires a written agreement. The requirements of normative acts are such that when formulating a contract, it is necessary in detail and clearly, without using ambiguous wording, to fix the absence of interest in favor of the enterprise. Only in this case, the company will not have to pay taxes after giving the person a loan.
The personal income tax and the interest-free loan to the employee are closely related, since the second automatically entails the obligation to pay the first. Money may be spent on the acquisition of real estate. In this case, an individual has the right to apply to the Federal Tax Service or to the accounting department of the enterprise in which it is employed in order to draw up a property deduction. Article 809 of the Code governing civil relations within our country gives the right to grant commodity or cash loans to employees - at the discretion of those entering into an agreement. Section 812 of the same code of laws establishes the possibility of challenging an agreement. This is allowed only in the case when a person can provide evidence that he did not receive the money stipulated by the contract. In the presence of phenomena proving this fact, we can talk about the loss of the contract validity.
About the conditions
In order to correctly conclude an agreement on an interest-free loan, one should first assess how financially the enterprise in principle allows a person to be provided with money under such a program. It allows you to issue money if the goods, funds that a person asks for will be aimed at achieving a specific goal. All money provided in this way must be returned within the time agreed in advance and fixed in the agreement. In some cases, some material item is provided. The condition for his return will be the preservation of the previous state. This fact is recorded in the contract prescribed before the transfer of the product.
The laws establish the fact that the employer is not entitled to require a person to pay him interest on the debt. The fact of the transfer of funds must be recorded. To do this, form an agreement, draw up a receipt. If there is some definite purpose for which money is given, a person has the right to spend the received only and strictly on it. He is forbidden to spend the amount on anything else. Any third-party expenses are a violation of the terms of the agreement.
Will we agree?
The listed rules correspond to Art. 809 of the Civil Code of the Russian Federation and other normative acts regulating the procedure for providing money to a needy. These standards are basic. When concluding an agreement, they must be guided by them so that the official paper complies with the law. In each individual case, there may be a need for additional, special items, due to the particularities of cooperation between the employer and the employee. In this case, you can add additional items to the agreement. The main rule for introducing adjustments is their coordination with the requirements and rules of law established in our country.
Step by step and time limit
In order for everything to be legal and legal, it is necessary to draw up a fixed interest-free loan agreement. In general, the entire process of providing a person with money by agreement can be divided into several successive steps. First, a person draws up an application, sends it to the name of the owner of the company. In the text of the document, a person asks for a certain amount, specifying the reasons for which he needs money. It is very important to indicate exactly how much money a person needs. The head considers the application and makes a decision on it. If it turns out to be positive, they call the employee for a meeting in order to agree on the provisions and conditions for concluding an agreement. The responsible person prepares the necessary documentation that accompanies the process of lending money.
When drafting an agreement, it is necessary to record in the document personal information about the person asking for money, and the general data of the enterprise providing the requested. The manager or other employee who is entrusted with such responsibility signs an agreement, fixes the fact of signing the enterprise with a seal. This is a relatively simple procedure, especially when management has nothing against giving money to hired people.
Accounting subtleties
In order for the procedure to be organized correctly, and the company does not violate laws, rules, you need to know what postings should be in such a situation. The issuance of a loan should be reflected in accounting. The first wiring: D73.1 K50. It allows you to record the fact that the person received the money, and the basis for this was the agreement on the provision of funds in debt. If it was decided to enter into an agreement with interest accrual within the refinancing rate, you should arrange for posting in the form D73.1 K 91.1. If this moment is neglected, it will not be possible to officially present the loan as interest-free. Having dealt with the postings dedicated to the issuance of a loan, it is worth paying attention to repayment. It makes out as D50, D51 K73.1.
If it became possible the actual provision of funds by the company, then we are talking about a valuable staff, a responsible employee, which is important for the company. This requires accounting to be especially responsible for processing all postings, since improper processing of the process will cause problems with tax structures. With incorrect organization of the process in accounting, the company will be forced to pay taxes, despite the fact that the program belongs to interest-free.
About the consequences and taxes
In the case of an interest-free loan to an employee, the tax consequences are considered especially favorable, since with the correct execution of the work the company does not have to pay taxes. This is due to the lack of profit due to interest - they simply do not exist. The employee, in turn, earns income, since he saves on the payment of interest, which should be transferred to any third-party credit institution. Accordingly, the laws stipulate the need to pay taxes for the income that he receives by issuing a loan from the company in which he is located. For the calculation and registration of the tax burden, personal income tax is used. Dachshund - 13%. Responsibility for withholding rests with the tax agent, that is, the enterprise in which the person is employed. The same company is a person who transfers money to a person. The company must withhold tax amounts from wages. Allowable maximum retention is half the person’s monthly income.
Why do we need money?
In order for the interest-free loan to the employee to be drawn up correctly, you need to take into account the goals for which the money is intended. All such persons must indicate in a statement, which asks to provide finance on credit. Most often in practice, people ask for money to buy a house or a car. You can ask the company for a loan in order to have funds for treating a rare disease or getting an education at a higher educational institution. You can ask for money for vacation, if you plan to go outside the home country, relax at sea.
Often, an agreement in which an interest-free loan to an employee is fixed contains in detail how and where the person will spend the money allocated to her. The company gives a person a loan, without obliging to pay interest, target loan. This program requires spending everything received strictly on what a person asked initially. The employer can obtain official information about the expenditure of funds for other purposes and needs. Such data are sufficient grounds for early termination of the agreement. In this case, the management of the enterprise has the right to request from the person to return everything that it should, earlier than the agreed date.
Rules for registration
To get an interest-free loan, an employee needs to apply for. He is sent to the name of the leader. For writing use sheet A4 without additional inscriptions. In the upper right corner write the full name and title of the head, then your name and position. The center fix the name of the document (statement). This is followed by the main unit, which records a request for a loan. Here they write how much is needed, for what purpose it will be spent, in what time period it is returned. It also fixes the conditions for repaying an interest-free loan.
An employee can indicate, for example, that he will return everything at once when the deadline is about to expire, or that he will repay some part of the loan on a monthly basis. The final point is the signing and fixing the date of documentation.