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