My client was a 50% shareholder in a company and whilst a shareholder (and director) created an overdrawn DLA of £100k plus.
Whilst he was in that situation he would of course fall foul of all the s455 etc problems.
However my client then divorced and gave his shareholding to his wife and resigned as a director, whilst leaving the loan in place in the company.
The loan has now been written off as irrecoverable.
My questions are:
1. Is any s455 formerly paid now repayable?
2. What is the status of the write off? Previously it would have been a distribution or possibly treated as emplyment income, but my client no longer has any connection with the company.
Oh and it's a 30th April 2012 year end brought in two days ago, so no pressure!
- Recovering VAT on property purchase 246 4
- Agent for mobile DJs. Could the DJs be considered to be working for him? 113 1
- UK Subsidiary of Foreign Company 93 1
- How to prove to HMRC that you was not self employed? 1,021 31
- Drop Down Boxes 239 4
- Any Scottish members out there? 13,643 504
- Any other payroll providers transferring from Sage to Moneysoft? 163 1
- Does anyone use quotation software? 596 8
- help needed with rti paye please 176 3
- Cash injection by shareholder 865 9
- Director selling assets to the company that were given to her 424 11
- Can't read my handwriting 819 19
- Undeclared rental income 429 7
- Home Use Costs in Company Accounts ? 353 7
- Sick pay 263 6
- Directors self assessment 186 2
- Employer's Helpline 226 1
- Employment Allowance Incorrectly Claimed for Domestic Payroll 146 2
- Commercial rental property - still Schedule A? 202 1
- Now Scotland has voted "No", when does England get to vote? 1,776 70
- Raiders of the Lost Tax File 1,417
- Chartered Accountant in County Down N.Ireland 545
- National Insurance 442
- Non Resident 332
- Hands on experience of Digita 263
- Best way to take money from a business if you have unlimited EIS allowances? 261
- Does anyone use PS Financials accounting software out there? 172
- Umbrella pay services 147
- VAT on ESS via Apple, Google, Nokia - 131
- EPS Analysis - Change to EURO 125