Due to late dividend planning , my client now has a directors loan more than 5k at the end of the year and the p 11d that was filed - is incorrect due to the loan benefit calculation being incorrect
Has anyone filed an amended p 11 d and was there and follow up by HMRC re late payment penalty on NI etc ?
Many thanks
Replies (4)
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I don't quite follow. What
I don't quite follow. What please is "late dividend planning" and how is it that the balance on the DLA at 5 April 2014 is different now from what it appeared to be when the P11D was prepared?
Penalties
I agree with John - trying to amend something 8 months ago can scarcely be called "planning" - but these days, penalties for not filing a return by the due date are always being enforced, but penalties for submitting an incorrect return (and amending it later) do not seem to be enforced. I would just expect interest to be charged on the late payment of the Class 1A NIC at 3% p.a.
Penalties
I think the late planning comment is another way of saying bad book-keeping !
I've had similar where its become apparent after completing the accounts that the DLA is incorrect and have amended previous P11Ds. To date no penalties have been raised.
None
I agree with Euan and SJRUK. The punishments seem to be dished out for late filing but not amended content of timely filing.