Missing P11Ds from previous years

Missing P11Ds from previous years

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Good afternoon

I have recently acquired a new company client.  I have discovered the directors have had the use of two expensive company cars for the last two financial years, and have had their fuel paid for by the comany - but have not submitted any P11Ds or paid any PAYE tax on their use.

Having totted up the likely backdated tax and penalties due it comes to a tidy sum of around £25K. They ask would it be possible to restate the two years accounts treating the company expenditure on cars and fuel as private (debited to their Directors Loan) and to resubmit accounts, CT600s and CT600As. Effectively then the directors would repay the amount paid on their behalf and there would be no need for P11Ds. This method would cost less.

One complication is that the leases were in the name of the company, though the director says the registrations are not. I must admit in the past allowing expenditure in the name of the director through as though it were that of the company as inevitably this happens from time to time. But never the other way around, or on this scale.

Have others been through anything like this experience? I can't see if there is a technical reason why the accounts cannot be restated but I wonder if I am missing anything.

Thanks
Peter

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