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
- Non sterling partnership profits, exchange rates and tax 93 4
- Worried over stock value 54 1
- Start of letting business when property owner took lodgers prior to letting out 78 2
- RTI Annual Scheme 1,263 22
- Sole trade and vehicle leasing 305 8
- Mortgage extended on a rental property 78 1
- Is there a risk in helping overseas companies that have no intention of doing business in the UK 163 5
- CGT on sale of Spanish property 136 3
- VAT on leased double cabs 50 1
- Backdate C79? 122 1
- Having a Jan blank moment 129 4
- Strange result on filing very small trade profits 225 3
- Incorrect CIS Invoices from Subcontractors 173 7
- Child benefit charge 785 13
- Contribution to charity as % of profit 226 12
- Paying 31 January 2015 income tax by instalments 1,038 17
- Self Ass. Return 322 5
- Changed Company Year End - CT Penalty 281 11
- Splitting income from property rental or not? 373 9
- Furniture Holiday Let & Capital Allowances 206 6
- Form MR01 (Particulars of a charge) - does this need to be filed if you remortgage with the same lender? 816
- Copy Wanted 539
- Underpaid VAT assessment and relation to SATR 489
- Did you realise Google will not patch android exploit ... 476
- Latest phishing scam 328
- Entrepreneurs' relief 307
- Supply teachers and Ltd Companies 277
- Corporate LLP with 30 June Year end - How to record on SA800? 268
- Cashback for opening business bank acct = trading income? 267
- Auto Enrolment Questions Answered 171