All First off, I'm completely AAT qualified and currently sitting my CIMA Operationl exams. I’ve worked as a management accountant for apx 5 years now. My first question is, am I allowed to submit the year end/ annual return for a small limited company or does it need to be passed over to a fully qualified accountant/ practice?
I’ve produced the P&L and balance sheet for a close friends small limited company (last year’s turnover was £36k). Everything has been done on a cash accounting basis so nice and simple accounts. However, he’s been withdrawing cash from the business throughout the year and referring to it as “dividends”, am I right in thinking that these should actually be classed as and going through a directors loan account and not the dividends account?
Surely there should only be one withdrawal of dividends after the company’s yearend and have made a profit…
Thanks in advance!