Not sure if this can be done but any inputs will be appreciated.
I maybe taking over a small client whose previous accountants have not taken care of them and in fact when they complained about the service they were told you should find another accountant. Anyway, while going over the accounts and there is a lot to sort out. I noticed the director taking a monthly salary and paying PAYE and employers National Insurance (over and above the personal allowance) The Director has also lent the company a vast sum of money in the last few years.
The Company has around 100K of losses to offset against future profits and expect it will take around 3-5 years to fully utilise these losses. The company has never been in profit since it was set up 5 years ago.
The Company's immediate priority the moment is cash and wondered if there was anyway of reversing the payroll for the last two years (or maybe one year) and claiming back the tax and NI and treat the payment to the director as a repayment of the directors loan ?
The Director has filed a tax return for 2012/13 but not yet for 2013/14