Hi, I really would appreciate some advice here. June 07 was my client`s first year,(limited company) he was advised by the accountant to show a monthly salary of 419.58 for tax reasons etc. Any other monies withdrawn were to be shown as Directors loans.
Now, post year end, it is likely that the business will cease to trade - in order to minimize implications of the amount of Directors loans, the client has been advised by the accountant to reinstate all the loans as salary. Does anybody know if this can actually be done on Instant payroll, and if so how!! Any ideas would be greatly appreciated!!
paul conway
Replies (2)
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do the tax calculation as at 30/06/07
if its in the same accounts period - presumably 30 06 2007 then that should enable you to set off the loan account v salary, if you wnat it in 2006 2007 you are going to have to amend P35 etc etc