CT600a - advice appreciated on completion

CT600a - advice appreciated on completion

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Getting confused by CT600a (loans to participators).

There is already a loan balance outstanding (which was reported on CT600a last year) but this has reduced in the latest accounts.  All of HMRC notes refer to putting figures in the various boxes of CT600a for loans made in the period being reported (i.e. the latest accounting period) except A12 which is the total of all loans outstanding whether made in this or a previous accounting period.

How do I report the reduction this year?  I don't think I should be entering anything in boxes A2 and A4 as there was no increase in the loan this year.

Any help greatly appreciated.

Thanks

Tony

Replies (5)

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Stepurhan
By stepurhan
12th May 2014 14:04

A12 only

If there is still an outstanding balance, then you need to report that outstanding balance.

You will need to reclaim the s455 tax related to the reduction separately.

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Euan's picture
By Euan MacLennan
12th May 2014 15:53

No CT600A required

I disagree with Step.  The introduction to form CT600A says:

You need to complete these Supplementary Pages if:
the company is close and has made a loan (or loans) to an individual participator, or associate of a participator, in this period which has not been repaid within the period.

If no further loan has been made in the year, you do not need to complete form CT600A just to report the (reduced) outstanding balance in box A12.

However, I do agree that you have to claim relief under s.458 separately in writing - there is no mechanism to claim a refund of s.455 tax on the CT return.

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By User deleted
12th May 2014 16:04

Yep - agreed with Euan

If no loans or advances have been made in the period, no CT600A required.

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Stepurhan
By stepurhan
12th May 2014 16:15

I stand corrected

Euan is quite right, the CT600A does only need to be completed if there has been an advance in the year. You'd think HMRC would want the figure reported to agree the remaining s455 balance, but since when have HMRC forms made sense.

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By Tony Greer
13th May 2014 09:08

Thanks for the advice.  I've

Thanks for the advice.  I've only completed box A12 but am getting error rejection from HMRC.  I'll have to try to decipher what the error is referring to.

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