Overdrawn Loan Account
My client transferred assest into his company from a partnership and the valuations were questioned by HMRC.
Monies were withdrawn from the company by the director against this transferred amount.
The valuation has now been accepted a high and subsequently reduced.
My question is what is the effective date of the DLA being classed as overdrawn, is it:
1. The valuation should be amended on day one and the overdrawn account occurs after the first withdrawal with subsequent wihdrawals etc etc.
2. The valuation should be amended in the accounts year when the agreement was reached with HMRC and the DLA becomes overdrawn in that year.
Assume for now that the cleared within nine months of the year end doesnt apply to the earlier period but could for the current period.
- Opening start-up business bank accounts 147 2
- how to start a career in accounting at 34? 79 2
- Is it possible to retrospectively change the tax year that dividends were paid. 530 24
- Any Scottish members out there? 11,311 420
- Now Scotland has voted "No", when does England get to vote? 951 48
- Private portion of costs and expenses in Accounts 324 16
- Is this fraud? 526 12
- Likely interaction of new Onshore Employment Intermediaries Act with IR35 ? 72 1
- Furnished lettings criteria 269 4
- Sole trader - Normal Bank account used for business? 64 1
- VAT registration pre-incorporation- wait for TOGC or treat as sale? 155 4
- Underpaid Tax Options on SE 147 1
- Naming new company 310 6
- Saying goodbye 541 14
- QuickBooks - Separating expenses from purchases 198 4
- Has HMRC got powers to do this? 651 5
- Pension Contributions Relief 398 12
- Revaluation of investment proeprty 93 1
- Excel: MATCH does not match two apparently identical cells 794 7
- Shutting down a company with creditors 1,493 31
- Raiders of the Lost Tax File 1,284
- Chartered Accountant in County Down N.Ireland 457
- National Insurance 354
- Non Resident 273
- Cass 5 FCA Client Money Software recomendation 265
- Franchise income and costs 244
- Hands on experience of Digita 206
- Best way to take money from a business if you have unlimited EIS allowances? 156
- Employer's Helpline 153
- employment capital allowances 143