If loan account is cleared by paying dividend BEFORE 31 Jan 2006 when will s419 tax be repaid?
If dividend is paid on 6 April 2006 to clear overdrawn position at that date when will tax be repaid?
JS
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Thanks, once again, Michael
Does anyone, in this day and age, backdate dividends?
Oops sorry, the chartered firm (ICAEW) up the hill offered to backdate subbies written contracts, so perhaps the answer is yes.
Thanks Michael
I would prefer that dividend to repay loan was paid 6/4/06 or later.
If I changed "year end" to 30 April 2006 then I presume tax would be repaid 01/02/07.
Sec 419 repayment
Loan repaid pre 31/01/06 then tax repaid to company 01/11/06.
Loan repaid april 2006 then tax not repaid untill 01/11/07.
hope this helps