Splitting Directors O/drawn Loan A/c
Have Ltd co with y/e 31/03/12, 2 directors Husband & wife, both Basic rate tax bands have be maxed out with divdiends & paye.
Despite my best efforts the husband continues to pay some private exps through Ltd co, and lift ATM cash via the comapny credit card.
As a result the directors loan a/c stands at £7K o/drawn.
No P11d has been completed by the Ltd co.
My question is this, Is it possible to allocate 50% of the personal exps to the wifes directors loan a/c, therefore bringing the loans o/s below £5K each, avoiding any requirement to file P11d and no penalties, and clearing the 2 o/d loan a/cs by way of creating a dividend dated 31/12/12.
Also avoiding additional tax on the o/s loans and disclosing on CT600
- Dividends from UK plc - tax years and dates 80 2
- Help 139 9
- What do people do with signed accounts/engagement letters/tax returns? 209 9
- Where has Portia gone? 5,027 109
- Overlap profit 292 7
- Moneysoft or Sage payroll with auto enrolment? 318 6
- RTI Payroll ID 2,064 25
- What is the correct Vat treatment and rate to use to record a business stay in a hotel in the EU? 126 1
- Payments on account 185 2
- Recurring Revenue/Costs occurred before registering, how do I handle this? 78 1
- What do your junior staff do? 523 7
- OMG HMRC !!!! Employ some ppl!! 649 12
- Keeping disastrous accounts 413 5
- Is my client risking reputational damage? 535 10
- VAT Exemptions for Dance Education 132 1
- Getting fees, getting harder? 3,942 74
- In pratice using part time accountants 349 3
- On the high seas 115 1
- Entrepreneurs Relief Shares Received as Part of Divorce Settlement 148 2
- Spousal transfer and PPR 859 34
- Services via intermediaries and new HMRC reporting requirements 853
- How hard is it to reduce a code? 445
- Sanzar 342
- How do you do it 337
- Digital marketing focus group 313
- Kashflow balance sheet difference 296
- Bed & Breakfast trade via Limited Company 210
- Fit for purpose 203
- new investor structure 200
- VAT Registration 181