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
- Unusual Self Employment Expense Claims? 442 6
- Sage Instant cash based flat rate 61 2
- Loan notes payment of principal and interest 37 2
- HMRC VAT misstatement disclosure 189 2
- How to account fot Cross-border vat. 202 5
- are receipts needed? 207 7
- Paint Manufacturer Flat Rate Scheme 456 27
- Sage 50 177 2
- New accountant 209 5
- sole trader - operating under cis 220 7
- Limited Company - Personal Bank Account 2,950 65
- Tax case refeence request 105 1
- A change from the old Q v NQ debate 785 28
- Sage Payroll with 'employees' not having tax or NI deducted 226 4
- Auto enrolment for one or two director companies 1,907 29
- PayPal Transaction Analysis 241 5
- Working out a daily rate 173 5
- Auto enrolment 1,246 13
- Payroll dates 142 5
- VAT reports on trade debtors and trade creditors 288 8
- Skandia using wrong address 1,575
- Nil Rate Band Trust - index linked debt by way of charge over property 872
- International interest certificate 483
- NOVA 338
- Can Limited Company Buy Share of Rental Property? 260
- Management expenses for investment company 230
- Bonus Bonds 229
- Have we escaped Gift with Reservation of Benfit & Pre-owned asset charges? - Gift after benefit 227
- Help with tax codes on Sage 173
- Capital reduction 165