NO directors Loan account declared on CT600
Last minute client has come forward.
In company accounts ending 31 Dec 2011 DLA overdrawn by £13K. The director did not include herself in P35 calculations for 5th April 2012 but submitted for staff, even though during the year she took out £22k from the company. Small portion (£1k approx) is mileage and other incidentals.
CT600 submitted in Sept 2012 with DLA in debtors and no declaration and no payment of 25%.
My advice is resubmit CT600 and pay the 25% and await fines from HMRC. How much are the fines likely to be? I assume that there will be penalties for the 25% and the lack of P11D benefits.
Any other advice greatly appreciated.
- Joining the flat rate scheme retrospectively 770 10
- carry back of gift aid 90 2
- Car maintenance costs deductible against CT 930 11
- VAT Flat rate scheme for property management company 106 3
- Dress code 1,275 29
- Autoenrolment and payroll software from April 2015 368 4
- Scottish Independance 505 14
- CIC Tax - what is trading? 373 17
- What quality paper do you use for correspondence? 705 19
- How to complain about HMRC 1,065 12
- French Excise Duty - Help Please! 334 8
- NOMINAL CODES 332 4
- Do HMRC automatically close inactive PAYE schemes? 186 2
- Recommendations for Ross Martin Tax Consultancy 2014 727 5
- VAT on goods never entered the UK 287 9
- Interest relief before property is rented out 238 4
- Which company is best for online new company formation? 377 7
- What is the best practice for running a roofing company in Sage 432 9
- Sharing of Fixed Assets 126 1
- Quickbooks losing VAT return data 255 1
- CTA study material 747
- Anyone have clients that use Pay4Later to offer customers credit? 462
- Raiders of the Lost Tax File 345
- Employment related securities question 298
- AIM Stocks and IHT 274
- Tax Relief for overseas employees 246
- Expat pension contributions? 240
- Trust for Employee 227
- HMRC Seminar on Penalties - Did you last the course? 148
- IPP (International Pension Plan) income 140