Are undrawn profits a "loan" for s455 purposes?
following on from a recent post along the same lines.
Corporate partner is allocated a share of revenue profits but doesn't receive them in cash terms. This current account with the partnership is shown in the company accounts as a debtor. The cash is annual drawn down by the individual partner, who controls the company.
The partnership is not a genuine scottish partnership therefore this http://www.hmrc.gov.uk/manuals/ctmanual/CTM61515.htm wont apply..
Q, would s455 apply?
- Companies house strike off 56 2
- Tax treatment of alterations to property 76 2
- Moving to the cloud 614 9
- Iris open space/doc exchange for SATRs 149 2
- How long are you waiting for appeal reply 79 1
- How much to charge for payroll? 730 16
- When do we qualify for state pension? 167 2
- Unincorporated charity transfer to CIO 135 4
- BTC vs Digita 979 29
- Seeking a tax case 269 8
- Has anyone tried calling HMRC to get tax on dividends put in code? 297 4
- See you all on the other side 247 5
- VATABLE Income 296 3
- Auto enrolment contribution rates 242 2
- Different Filing Dates - Help! 269 7
- What are we calling cloud now? 494 6
- P11D software 113 1
- Write off of loans FROM participators 534 9
- VAT - business splitting 236 3
- Income tax or Capital gains tax? 587 16
- HMRC Joint Filing 524
- Capital Contribution towards a company car 393
- Capital Reduction & Impact on EIS Shares 353
- IRIS and FRS 102 326
- Capitalising Finance Lease 293
- USA help 286
- National Minimum Wage issue on Directors joining a Workplace Pension 247
- Capital gains on rental property 228
- Dormant company accounts under FRS 102 226
- Sage Coretime 217