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
- Pension contributions and unused allowances 33 1
- Stamp duty on multiple property transaction 193 12
- BTL property solely in wife's name - can she split rental income with husband? 447 14
- Why should I retain membership? 2,079 34
- Recourse to Accountant for incorrect accounts 614 10
- Surprise visit from HMRC! 2,098 13
- CIS deductions against the wrong UTR 128 5
- Is CGT roll over relief available for let property 57 1
- HMRC Underpayment notices. Are they related to Employers Allowance 146 1
- Starting Self Employment while Employed in Practice 2,600 41
- Company purchase of shares 223 14
- VAT: option to tax 204 5
- Prior Year Adjustments 195 3
- Payroll software 587 14
- Permanent Place of Work & Travel & Subsistence 159 4
- Auto renewed contract, is this legal/enforceable?? 229 1
- xerocon 358 11
- Money Soft payroll 393 10
- Problems with restoring companies on Sage 2015 112 4
- PPR/CGT/Part-Disposal/Land 116 3
- Feedback on accounts production software for IFRS 681
- Auto enrolment excuses 595
- Add T&Cs to Sales Order in Sage 359
- Call Centre Data Costs 174
- Social investment tax relief 173
- Digita Hosted Software 169
- option to tax 155
- Buying goods in US and selling them to company in US 134
- VAT on deposits 131
- Cars Leased primarily for Taxi Hire 129