My director's loan account has been overdrawn since last 4 years and I was informed about this by my account a few weeks ago. The amount is around 52,000 GBP. I was told that every year this had been disclosed to the HMRC in compay returns but the part where I should be paying back the interest on it, was missed. Could you kindly suggest me what are accoutant's/my options here? What is the correct and best way to rectify this error and pay back the money that I owe to HMRC?
Is it just as simple as applying the standard interest rate on it and pay the amount back to HMRC (32.5% I reckon) or there is more to it as the payment has been outstanding since last 4 years! I am at my wit's end here and any help/advice would be hightly appreciated.