A client has claimed a bounce back loan at 100% of turnover rather than the maximum allowed %.
This was picked up on completion of the last VAT return and the client was advised to contact the bank regarding repayment.
The records will be in for the next VAT Return shortly and, after speaking to the client, the bbl overpayment has not been resolved. The funds are fully available to repay but the the client has been advised to keep hold of it by 'everyone he knows who has done the same'........not even 'the man in the pub'.
I fully expect that the client will repay the loan in full before his repayments become due and he just wants to keep hold of it for some reason.
what are my obligations?
unfortunately, the loan will have been outstanding at the end of his accounting year (Ltd Co FRS105). Is a disclosure required even if he pays it all back ?