Sole director of limited company has overdrawn directors loan account balance at end of first accounting period. The account is overdrawn by just £276, relating to an overpayment of expenses (£179) and PAYE tax due on salary (£97). I just want to make sure I get the disclosures right, as I am not sure where the £5k de minimis limit applies, apart from being certain that there is no BIK because the loan is well within the £5k exemption. So do I need to disclose the loan:
- as a note in the statutory accounts?
- on the supplementary pages of the CT600?
The loan will be repaid within 9 months of the year end, as the director has deducted the £97 tax from her next salary payment, and the £179 overpaid expenses from her next expenses payment.
Thank you for your help.