I am not an accountant but I am looking for advice.
I have contacted a few accountants that I know and I seem to get different asnwers from each one of them?!
During my last finanical year (June'16-May'17) I have taken Directors Loan of cca £30k. I have paid this loan back to the company, in full, in March'18.
I have not been paying any interest towards this loan.
My last accountant has reported this loan in company accounts, however, this still hasn't been reported in my self-assesment for the year 16/17 nor on my P11D for 16/17.
As this loan was reported in my annual company accounts, additional tax charge was 32.5% of the loan. My question is do i need to pay this as I have paid in full my loan to the company? If I do pay this additional charge of 32.5% to HMRC, will it be refunded back to me and if so when?
How about my self assesment and P11d for 2016/17 as the loan is now paid in full? Do I need to amend my SA & P11d? Will there be any additional tax to pay?
As I already mentioned I have asked the same question to 3 or 4 accountants and I keep getting different answers so I am not quite sure what i need to do.
Many thanks in advance.