Directors loan account disclosure
How are you all disclosing the movements on directors' loan accounts?
Typically a director will have multiple withdrawals ( and possibly credits ) taking the account in and out of credit/debit.
Is it really necessary to show each and every transaction?
It would appear so under the CA 2006.
This particular company has three directors and every month they will pay amounts for personal expenses on credit card, take more than the net salary due, pay some private payments from bank and sometimes pay money in or take less than salary due! I have up to now disclosed the balance outstanding at the end of the year (and PY) and the maximum amount OD. However looking at Digita notes and the disclosure tab it would appear that each individual transaction is required for all three directors.
Please someone tell me I am wrong!
And before anyone says it - yes I do tell directors not to use the company as a piggy bank.
Would it be acceptable to list monthly net withdrawals:
Thanks for any replies