To enter a new loan, first enter a global stock using ‘Investments\Stocks’, click the Loan option and then the ‘New’ button.
This will take you to the Loan screen where details can be entered.
To amend an existing Loan, use ‘Investments, SSAS Investments, Employer Loans’ and then the ‘Amend’ button.
‘Date Advance Verified’ – before April 2006 there was a requirement to report new loans from SSASs to HMRC within 90 days of purchase. The date that the report was sent was stored to track which loans had been reported. The 90 day deadline was a useful discipline because it ensured that all items were dealt with and nothing was allowed to drift (e.g. has the first repayment on the standing order been received). This discipline can be retained by the administrator or team leader entering the date in ‘Date Advance Verified’ once all details have been completed. A report can then be run at any time to show those loans that have been made but still have outstanding issues. This is more important now that missed payments can trigger unauthorised payments charges.
The value outstanding on a loan at any time can be calculated using ‘Calculations\ Loan Analysis’. The values can then be stored using ‘Investments, Prices, Scheme Specific’. The print out from the loan analysis will show the total amount of interest and total capital repaid over the period (needed for the annual RPS return).
For the annual Registered Pension Scheme Return, the outstanding value on each loan needs to be stored at the end of each tax year (or accounting year, if the returns are made on an accounting year basis).