Hello, hope someone could point in me the right direction.
Client has a company year end of 30 Sept 18, at the year end DLA, is overdrawn (by £6k x 2 (H&W directors). They plan to repay by voting a dividend in April 19 (so within the 9 month repayment period). What is HMRC position on the future repayment date? or does the DLA have to be settled before the CT600 can be filed? My software has accepted the future repayment date.
Does anyone know HMRC stance on this? Presumably, if the loan isn't actually repaid as planned, or goes beyond the 9 months window, an amended CT600 would need to be submitted, so filing can happen sooner rather than later?
Thoughts/clarity would be much appreciated.
Thanks
Replies (4)
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I think it will be accepted. Quite possibly the content will be forgotten subsequently and the dividend not take place or take place but paid etc. Why not simply wait until it has been repaid? Surely that’s the sensible thing to do.
If you have to file an amended return because the loan has not been cleared HMRC would be entitled to raise a penalty.
My practice is not to file until I know that loan has been repaid/cleared.
File it with a future repayment date on.....On one occasion I have then seen HMRC ask for evidence of repayment