Do I need to amend company accounts

Do I need to amend company accounts

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Hi

I have taken over a client who trades through a ltd company.

The company pays a pension for the director of about 2k per year and my predecessor has incorrectly treated this as drawings.

Do I need to amend the Return and accounts (of course the accounts aren't completed by me and so a new set would carry my name but not my workings) or I can just put through two years worth of pension payments this year on the basis that the incorrect pension figure did not affect the true and fair view etc etc.

I suppose a third option could be just to amend the Comp and CT600 for last year with the pension figure as a disallowable expense?

Thanks.

Replies (3)

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By User deleted
19th May 2009 15:46

Company would pay GROSS
Surely if the company were making the payments, they would be gross?

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By User deleted
18th May 2009 18:55

Thanks
Hi Andy,

Thanks for that. It seemed a bit strange that it was not claimed and the client just informed me that they were director's pensions which the bank advised him to set up. No paperwork was made available by the client.

The premiums have increased approx April 08 for one pension from £78 to £80 (22% tax rate reduced to 20%) and the other has increased from £100 to £102.57 so is is likely they are net payments.


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By skylarking
18th May 2009 18:06

EmployER contributions?
If the company was simply paying net contributions on behalf of the director your predecessor was correct. Only if the company was paying employer contributions (gross) do you have a dilemma. Have you checked?

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