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!
- Client information from previous accountant 388 8
- Professional Qualification 173 1
- Closing down - who should buy whom? 536 29
- Late Filing SA due to property income, individual was also a non dom for 15 years 98 7
- Question regarding A1 Form 162 1
- VAT margin scheme 71 7
- Maternity allowance 35 1
- Company Dividends Received 60 1
- Freehold Property Depreciation 42 1
- We contribute a percentage of employees' salaries to a pension scheme set up by them - do we need to get involved in auto-enrolment? 67 2
- Auto-enrolment drivel 683 11
- Tax and NI on payment to overseas employee 209 4
- Shares paid - petty cash 89 3
- Two questions re client meetings and TR Fees 514 9
- SA302s - Lenders to accept non hmrc copies 890 16
- cold file reviewer needed 263 2
- Property jointly owned by non married joint owners 83 1
- Auto Enrolment costs by payroll outsourcer 450 3
- Subcontracting accountancy work 243 3
- AAT or ATT 167 2
- Possible Partnership? 526
- Lunatics in charge of the asylum - Bluestone 509
- Tax and accounting treatment on long lease granted from freehold 472
- New Fangled Penalties 322
- Clubs and Taxable Income 271
- Deferring taxable income until after 5 April 266
- Purchase of property freehold - capitalisation of costs 262
- Loans to other companies 206
- Closed PAYE schemes and auto enrolment 180
- English Company Owning Property in Scotland 173