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Monies were withdrawn from the company by the director against this transferred amount.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.
- Problem ex client...again.. 876 11
- Accounting for VAT not yet paid in year end 334 8
- CONVERSAION OF DIRECTOR LOAN INTO EQUITY 70 2
- Completing RP1 form in re Redundancy /Insolvency 240 8
- More HMRC on gov.uk 331 7
- VAT in Sage 165 3
- Recommendations for payroll/AE software? 470 10
- Halloween - do you celebrate it? 738 24
- Cash withdrawn and not accounted for 334 4
- Expense receipt from previous quarter not included in VAT return 260 4
- Know it alls (who don't) 1,297 23
- Have we escaped Gift with Reservation of Benfit & Pre-owned asset charges? - Gift after benefit 561 1
- Capital allowances anti-avoidance 335 10
- Audit procedures on a dormant company 214 2
- Transition to FRS102 - goodwill 519 14
- Employed clients and expenses 849 16
- Goods Purchased for Rental 630 31
- UK Tax Treatment of Finance Lease Payments 151 3
- Auto Enrolment set up 395 3
- Loan to Partnership is s455 tax relevant? 541 18
- NOVA 492
- Bonus Bonds 376
- Insolvency and whistle blowing 359
- Transfer of funds into recently set up company 276
- TPR imposes first penalty notice fines 243
- Friendly Pensions 181
- Box 8 VAT Return - deposit payment 162
- Husband proposes to buy the car as Director unable to acess finance 149
- Finance Lease 144
- Company Car Lease 140