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!
- 2 companies, one payroll 120 3
- Director Liability 39 1
- Freelance/Employee 357 9
- Salary Sacrifice andy subsistence payments 129 4
- How do I answer a W-8BEN-E question (USA IRS) 377 4
- exemptions from CIS 235 6
- Directors exempt from AE? 557 10
- Finding mobile numbers for clients we have lost contact with 82 1
- Volontaire International en Entreprise (VIE) 182 5
- Xero Pain Points 633 20
- Impairment in value of subsidiary - allowable? 263 13
- The importance of Grammar 1,736 52
- Client Require Tax Return and Profit and Loss for Housing Benefit claim 214 2
- VAT - How hard is it? 1,671 56
- Tax Implications on Child Benefits 385 3
- How much do you pay for Xero? 293 3
- Client in dispute with Customer over cancellation charge 597 23
- Cut-off accounting question 393 8
- VAT reverse charge on consulting from EC 112 2
- VAT Reclaim 209 7
- Any knowledge of salesorder.com 393
- Chart of account segments; Balance sheet vs P&L 350
- Could and would anyone here carry out a hot file review of some non statutory audit work please? 333
- Goodwill and the Summer 2015 Budget 313
- Electric Car 265
- S222 Charge 230
- What is the best acounting software for online international retail business? 226
- Company Structure 206
- IP trans to holding company 169
- Travel and Subsistence Expenses 168