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!
- Problems viewing AWeb posts 44 1
- Signed accounts for bank 620 14
- flat rate scheme 2,299 46
- What route into accountancy would you recommend? 815 12
- Does anyone have an old version of Sage for sale? 95 3
- Business lending another business money (UK) 280 7
- Deferring dividends on paper 126 5
- VAT Query on new build 68 1
- Restriction of trading loss and overlap relief 124 1
- CIC Abbreviated Accounts 135 4
- Family Partnership 223 5
- How to format Co-operative Accounts 63 1
- P11D Car Value 245 6
- NOVA declaration 98 1
- Business valuation advice 702 18
- Auto enrolment: What’s your plan? 1,495 16
- Are any of you members of The Institute of Financial Accountants - Accountnats certificate 1,221 23
- Can anybody recommend any software 283 2
- Stand alone practice management software 2,102 26
- 2011 Self Assessment Tax return form 164 1