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
- No Tax Returns submitted for last 16 years 1,013 24
- Pricing 306 10
- Late VAT registration penalty 227 5
- Partially exempt? 216 7
- Mexican student in UK 88 1
- Dividend in specie 175 3
- VAT on imports and the Flat Rate Scheme for VAT 138 7
- Lorry Drivers 93 1
- VAT 110 2
- QuickBooks, Xero, FreeAgent and ClearBooks 830 18
- Twenty signs your practice is bad at tax 599 7
- Rental Income Tax Planning 199 3
- Vat 76 2
- Auto-Enrolment 3,814 184
- Method for filing 2013/14 payroll? 120 2
- Incorporation Relief 122 2
- First VAT Visit for client 137 2
- Accounting Practice acting as an employment agency 249 11
- capital gains on PPR 1,441 21
- cost of moving out for a few weeks 327 9
- Skandia using wrong address 470
- Does anyone use PS Financials accounting software out there? 272
- FHL, period of grace and Entrepreneur's relief 266
- Employee rewards 256
- Legislation access for part-time sole practitioner? 216
- Rental Property W&T And Equipment 212
- EPS Analysis - Change to EURO 209
- Gift of reversion and lease into trust by two different people - later PPR 196
- Etax Australian 165
- Annual Management Charge Rebates and Self Assessment Tax Return 155