Recent content by digimars

  1. D

    How to deal with a directors loan repaid after 4 years

    I agree. But have been quoted unreasonable amounts and on top of that, I don't need anybody to go through my bank statements. I have all the numbers in my spreadsheets. I don't need anybody to act as my agent. I basically need someone to help me out as an internal accountant and submit the...
  2. D

    How to deal with a directors loan repaid after 4 years

    My company is doing this: Reclaim tax paid by close companies on loans to participators Oversees accountant is 160 quid per set of accounts, UK is 500. Simple as that. Cheers
  3. D

    How to deal with a directors loan repaid after 4 years

    No red flags at all. She was a pro. Her work was always on point. All I need to work out, is the dates so that I can reclaim the tax. I think there are two possible scenarios. One is with and the other without reclassifying the dividends. In my case she reclassified legal dividends. Probably...
  4. D

    How to deal with a directors loan repaid after 4 years

    I do understand the 9 months period, but which accounting period was the loan made? Using your example. Year End 31 March 2025 - I paid myself interim dividends say 3,100 spread throughout the year (e.g. Jan and Feb 2025) - I cannot see where this would go onto CT600 even if recorded as...
  5. D

    How to deal with a directors loan repaid after 4 years

    Agreed. But to keep the cost down, as my company is not making any money at the moment, I had to hire oversees...
  6. D

    How to deal with a directors loan repaid after 4 years

    Thanks for the feedback indeed. So I take it in general, the date a loan is made is the one you get charged s455? Because I made the payment to myself, I mean the transfer from the business account to personal in year one, it was just classified as dividends. In other instances, as I...
  7. D

    How to deal with a directors loan repaid after 4 years

    Yes she got rich in the accounting business and retired to Cornwall ;) My new one is good with PnL but not too good with loans unfortunately.
  8. D

    How to deal with a directors loan repaid after 4 years

    These are my DLA balances from my accountant: Year one: Balance brought forward 29.00 Use of home as office 312.00 Repaid (personal tax) -127.00 Closing balance 214.00 Year two: Balance brought forward 214.00 Use of home as office 60.00 Unpaid wages 30.00 Cash withdrawn -143.00 Dividends...
  9. D

    How to deal with a directors loan repaid after 4 years

    Now in the online form there's the following: Accounting period in which loan was made But from my accounts, I can see my accountant classified the loan as dividends at first, I guess anticipating I would pay back the full amount or pay tax on dividends, and then the next year basically after 9...
  10. D

    How to deal with a directors loan repaid after 4 years

    Really? That's great. I repaid the loan in 2024 but it was taken pre covid so more than 4 years age. Is the repayment date the exact date you repaid or the date of your accounts? Cheers
  11. D

    How to deal with a directors loan repaid after 4 years

    Is it the date of the exact day I repaid (payroll submission - I didn't withdraw the funds and repaid the loan) the loan or the date that my end of the year accounts were submitted and the loan recorded as repaid? Either way it was in 2024. Cheers
  12. D

    How to deal with a directors loan repaid after 4 years

    I had a directors loan (I'm the director) taken from my ltd company pre covid, but repaid the loan after 4 years from taking it. Now on the HMRC website it states: You must claim within 4 years (or 6 years if the loan was repaid on or before 31 March 2010). So I understand I cannot reclaim the...
  13. D

    Dividends tax free allowance and personal tax

    When I withdraw dividends that are within the tax free allowance, £500 this year I think, do I have to pay income tax on these dividends as well? (considering that my total income was more than is the personal tax allowance, £12,570 i think this year). In other words, is the tax free dividend...
  14. D

    How is unpaid Director's NIC recorded in P/L?

    Apologies, I was referring to the employer's NIC not employee's. Many thanks
  15. D

    How is unpaid Director's NIC recorded in P/L?

    Is Director's NIC logged into the P/L account at the end of the year that the accounts are made up for even if it was paid during the next accounting year? Or does it need to be logged in P/L of the year that it was paid. Many thanks
See more
Top Bottom
Community
Articles
Menu