I have a query regarding s.455 and any help is greatly appreciated.
Say a £40,000 was taken out 3 and a half years ago and a £13,000 charge was paid what happens when the 4th financial year passes? If the £13,000 is written off by HMRC what is the dr/cr? Is the £40,000 still outstanding to the company or is the s.455 charge being taken HMRCs way of taking that £40,000 as a dividend? If the £40,000 is then still due back to the company, I assume this is then excluded from future CT600A's?
Apologies for my naivety, I’m a student..