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

Comments
There are 9 comments. Login or register to view them.

It is a question of grammar

Euan MacLennan |
Euan MacLennan's picture

Excuse my poor England Euan,

seandocs |

In that case ...

Euan MacLennan |
Euan MacLennan's picture

Many thanks Euan

seandocs |

Going Forwards

The Minion |
The Minion's picture

I have only recently changed

seandocs |

No!

Euan MacLennan |
Euan MacLennan's picture

Again many thanks Euan

seandocs |

Euan

Canary Boy |
Canary Boy's picture