Director takes an advance from ltd co of £10,000 during year-ended 2020 and pays s455 tax of 32.5% when paying Corp Tax during 2021.
The directors loan then remains outstanding for say up to 4 years.
1. Is the s455 32.5% tax change a one-off payment and further payments of £3,250 do not need making each year the loan is outstanding?
2. Mechanics of repayment: When a loan not repaid until after 9 months +1 day after Accounting Period (AP) - is it correct to use form L2P to reclaim s455 tax?
3. Let's say loan repaid 10 months after end of AP. Must the company wait until the due date of it's next Corporation Tax liability to receive the refund? Is that in most cases set against that CT600 liability?