To clarify, the PDF trial balance that I referred to is final figures with number that we are happy with. If I can, I propose to cut out the preparation of the statutory financial statements as there is no requirement to file at CoHo given the impending DS01 (To be filed post tax return submission)
Nothing springs to mind, most client that I work with prepare a spreadsheet to track the position.
You could use the nominals in your accounting system to track the position. Could potentially involve a fair bit of work if you were to post the profit share on a monthly/quarterly basis etc.
You are correct that in most circumstances the provision of one mobile ‘phone to a director or employee for private use is exempt from charge. The exemption covers the phone itself, any line rental and the cost of private calls paid for by the employer on that phone.
The easier way to think about it is that the total dividends you have taken to date cannot exceed the total post tax profits (less any losses) you have made to date
If you have exceeded this (my very very this quick maths shows that as at the end of 20/21 you have remaining profits to draw dividends against of £2685) then these dividends would be illegal and would have to be repaid.
A couple of other points to note;
- Are you operating from a company bank account or your own personal one?
- Have you offset the losses in the year against the prior year profit?
- What caused the loss in 19/20? Just wondering if something has been miss allocated
- Even if you dont need a dividend, you could still considering drawing one to maximise the tax free dividend allowance
My answers
I'd start with the catching up on holidays!
I believe the 10,000 is a personal limit. Anything paid over the authorized rates should be included on the P11d
There is no missing £1. Its should be £98 less £1, this being £97 and equal to the top up spend.
The Accountant Party - polices that really add up!
Maybe we could write it on the side of a bus.
To clarify, the PDF trial balance that I referred to is final figures with number that we are happy with. If I can, I propose to cut out the preparation of the statutory financial statements as there is no requirement to file at CoHo given the impending DS01 (To be filed post tax return submission)
FRS105 groups all current assets together - so if the company qualifies it would be a good option.
Cash in hand balance needs to be shown in both the fileted and abridged accounts, soo I think 105 is the only option.
You don't need to amend the 2020 return, when completing the return for 2021 the CT600A will show the reduction in the loan account/Sch455 liability.
Nothing springs to mind, most client that I work with prepare a spreadsheet to track the position.
You could use the nominals in your accounting system to track the position. Could potentially involve a fair bit of work if you were to post the profit share on a monthly/quarterly basis etc.
You are correct that in most circumstances the provision of one mobile ‘phone to a director or employee for private use is exempt from charge. The exemption covers the phone itself, any line rental and the cost of private calls paid for by the employer on that phone.
The easier way to think about it is that the total dividends you have taken to date cannot exceed the total post tax profits (less any losses) you have made to date
If you have exceeded this (my very very this quick maths shows that as at the end of 20/21 you have remaining profits to draw dividends against of £2685) then these dividends would be illegal and would have to be repaid.
A couple of other points to note;
- Are you operating from a company bank account or your own personal one?
- Have you offset the losses in the year against the prior year profit?
- What caused the loss in 19/20? Just wondering if something has been miss allocated
- Even if you dont need a dividend, you could still considering drawing one to maximise the tax free dividend allowance