Directors loans after company strike off

Discussion in 'Insolvency' started by Tommy C15, Jan 26, 2018.

  1. Tommy C15

    Tommy C15 UKBF Newcomer Free Member

    Posts: 2 Likes: 0
    Hi all,

    All a bit of a disaster here but I'm in a bit of a pickle!

    I started a limited company in Jan 2016. Nothing happened for a while but in April/May/June the revenue was £30k. I took this as a loan over the following few months. I didn't draw a salary. After that, I didn't get any other income and neglected the company partly due to ill health but also naivety. There were no other costs or liabilities for the company. No accounts or returns have ever been made. The company has just been struck off. Now I have to submit my self assessment tax return and I'm not sure how to submit the £30k loan. Is it just taxable income now?

    Any advice much appreciated.
     
    Posted: Jan 26, 2018 By: Tommy C15 Member since: Jan 26, 2018
    #1
  2. Lisa Thomas

    Lisa Thomas UKBF Enthusiast Free Member

    Posts: 1,691 Likes: 210
    There is another post similar to this on the forum where most parties disagreed on the answer to your query.

    I will try to find it and add it for you.
     
    Posted: Jan 26, 2018 By: Lisa Thomas Member since: Apr 20, 2015
    #2
  3. Lisa Thomas

    Lisa Thomas UKBF Enthusiast Free Member

    Posts: 1,691 Likes: 210
    Posted: Jan 26, 2018 By: Lisa Thomas Member since: Apr 20, 2015
    #3
  4. Simon Green

    Simon Green UKBF Contributor Free Member

    Posts: 73 Likes: 8
    I was the person who originally asked the question:
    Based on the very long thread you need to be extremely aware of judgmental attitudes.
    Since originally submitting my self assessment before Christmas I’ve had the chance to amend where exactly the figure is recorded which makes a huge difference.
     
    Posted: Jan 26, 2018 By: Simon Green Member since: Dec 4, 2017
    #4
  5. Tommy C15

    Tommy C15 UKBF Newcomer Free Member

    Posts: 2 Likes: 0
    Hi Simon,
    Yes I read that thread thank you. They were issued as dividends so will be recorded as dividends!
     
    Posted: Jan 26, 2018 By: Tommy C15 Member since: Jan 26, 2018
    #5
  6. Simon Green

    Simon Green UKBF Contributor Free Member

    Posts: 73 Likes: 8
    Hi again,
    Apologies for the delayed response but please be careful:
    The latest I have in this is that the total figure representing the DLA that’s written off at dissolution is actually Not dividend but equivalent to PAYE plus NI contribution.
    The situation seems unclear and full of ifs and buts!
     
    Posted: Jan 30, 2018 By: Simon Green Member since: Dec 4, 2017
    #6