Customer who has Ltd company put mortgage through as Long term liability
I am about to take on a new customer who prepared his first yrs accounts. He has just sent me the balance sheet and has added his own mortgage as a long term liability..... Please advise.... as I am 100% certain this is not allowable.. but wanted some additional advice......
Should I also recommend the customer resubmits last years accounts?
His first yr he also made a loss... so with the mortgage on top... he has negative 142k...
Should the loan also been shown in the reserves as a loss? As it is shown on CL??
Advice needed please... this is the first time i have come across anyone doing this...
Thanks in advance ... laura
- How can i allow my clients to digitally sign? 615 14
- Where do Balance Sheet Gains get recognised in CT600? 993 48
- Tier One Tribunal 251 12
- Money Laundering and handover 110 1
- Does a UK LTD pay Corporation Tax before sending dividend to Holding Company? 155 3
- New starter error how to correct 116 2
- Tax implication giving money to friend (not family) 257 4
- Summer house for business only 234 2
- Taxi Plate & Car 203 5
- Dividends out of profit where P&L bfwd is in deficit 186 4
- SA316s 254 4
- Director with lots of personal expenses 137 2
- LEL and PAYE registration 142 2
- Filing amended tax return 149 1
- Is cloud accounting software all just pie in the sky 855 26
- Prompt Payment Discount (PPD) Vat 2015 - CREDIT PRIOR INVOICE 127 1
- Pooled cars legislation unfairly punitive 151 2
- New starter not showing on RTI FPS submission (MoneySoft payroll) 271 5
- Working in Iraq, how to treat the income 183 2
- Another transfer of property 172 2
- Construction CIS LLP Company 615
- Services via intermediaries and new HMRC reporting requirements 601
- LIVE: Budget aftermath webinar 390
- Pensions Regulator 360
- NIC contribution on unremitted income 298
- RTI - duplicate employee record 273
- Using the correct forms 272
- SA penalty proposals 261
- Accelerated payment notices 241
- How hard is it to reduce a code? 240