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
- Does anyone have an old version of Sage for sale? 128 4
- Problems viewing AWeb posts 73 2
- flat rate scheme 2,317 47
- Signed accounts for bank 630 14
- What route into accountancy would you recommend? 822 12
- Business lending another business money (UK) 285 7
- Deferring dividends on paper 156 5
- VAT Query on new build 92 1
- Restriction of trading loss and overlap relief 135 1
- CIC Abbreviated Accounts 141 4
- Family Partnership 228 5
- How to format Co-operative Accounts 84 1
- P11D Car Value 253 6
- NOVA declaration 103 1
- Business valuation advice 703 18
- Auto enrolment: What’s your plan? 1,501 16
- Are any of you members of The Institute of Financial Accountants - Accountnats certificate 1,224 23
- Can anybody recommend any software 288 2
- Stand alone practice management software 2,103 26
- 2011 Self Assessment Tax return form 184 1