Accounting entries for s419
Hi I have acquired a client with a bf overdrawn directors loan account. It has increased during the year and still remains outstanding 9 months after year end. The bf figures include the overdrawn loan account and associated section 419 in Debtors. What are the accounting entries in respect of the increase. Assuming Dr debtors with increase section 419 and credit corporation tax with same amount in creditors? Also does the debtor for reclaiming section 419 stay in debtors indefinitely until the loan is repaid? Finally are there any national insurance implications?