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
- How can I tell what returns are outstanding on HMRC online? 208 3
- Practice management - that old chestnut....... 1,202 19
- Suppliers for Online Card Payments? 329 6
- Go Cardless 366 10
- Self assessment tax arrears 300 3
- Mehjoo 321 2
- Tax Return Member LLP 102 1
- How to prove income for a mortgage if you have no SA302s 354 5
- Amazon Fees, Sage VAT/Tax code T20? 186 4
- SA302 325 7
- US Employment Income - Double Tax Treaty 289 13
- Bringing money to Uk 284 4
- Capital Allowances on Furnished Holiday Lets Business 213 4
- Hmrc software 249 3
- What expenses can be claimed after a move to Cornwall? 166 1
- Hosted email exchange 185 5
- South African Government Pension 183 1
- Can anybody help withe the RTI end of year process? 359 4
- VAT Bad Debt Relief 325 13
- How long are you on hold- IRIS Payroll 251 7
- Xtuple 515
- Qtac payroll for bureau 355
- Confused - Professional Association a Mutual trader, or not? 298
- Industrial & Provident Societies 292
- Data transfer from Sage Line 50 to VT Transaction+ 233
- VAT Payable on Expenses for Non-VAT Registered Ltd Co 203
- Why would HMRC offer to close an investigation by contract settlement 201
- Domain name sale and limited company 177
- CIS schemes 175
- Director legal fees in loose connection to the company 151