Does a £35k dividend clear a £35k overdrawn DLA
Firstly,many apologies for posting this question as i know similar if not the same question has been asked before. I have quickly searched any answers to find the answer but have drawn a blank.
DLA overdrawn by £35k at the year end. It is now 8 months since the year end. We now know that there was £32000 of undistributed profit at the year end. If i clear the £35k by £30000 final divi plus £5k interim divi now does that remove the need to pay S455 tax? He will have taken out probably £35k+ since the year end.
I know in the past, i have seen people argue that Loan 1 of £35k is cleared by the dividend and that the amount withdrawn since the year end is a separate loan. Do the Revenue accept that?
Alternatively, what about backdating a £32k dividend to a date say 14 days after the year end? I must admit that doesn't sit comfortably with me but does anybody adopt this approach. I guess the Revenue can never prove the date a minute was passed crediting the dividend to the DLA?
Any help greatly appreciated and once again apologies for posting a question that has almost without doubt been covered before.
- VAT on garage rent 79 8
- Are HMRC getting it right? 411 8
- 10 year debentures and CT 43 1
- Is there a legal obligation for the Inspector to hand over minutes of a meeting 59 2
- Capital Gains on Inherited Property 228 8
- Tasks for new trainees 108 3
- Obvious Question but if NOT registered for VAT EU refunds as under minimum amounts, what does an expense get recorded as for UK VAT return? 58 1
- COMPANY DIRECTOR 40 1
- Client using boyfriend's personal account 544 15
- Offshore insurance bonds 96 2
- Playstation 4 - Allowable expense or not? 2,630 46
- Property scam victim 292 4
- Has anyone been told of the extra Sage Payroll fees for auto enrolment? 214 5
- Tax Returns, 2011-2012 242 6
- Aggressive HMRC 1,801 19
- Is there is a tax neutral way of splitting a company? 161 6
- Using Director's bank account to receive payment from customer 133 2
- Partnership returns software 87 1
- Personal consumption by landlord 270 2
- Business purchase cost - treatment? 70 1
- Desperately seeking Susan, Sam or anyone with any other name 1,083
- Experience with Islamic investor following Sharia-compliant rules? 571
- Darwinpay Partnership Assessment 381
- S464A Charge to tax: conferring benefit & BIK 285
- Charge out rates in London? 239
- Interest on Loan to a Company 184
- Bank interest in 'near' facility recall situation 172
- Agent fees to sell business 161
- Alphabet shares 159
- ACCA continuity of practice arrangement needed 153