It might not be a legal obligation, but we write for every client we take on and have never had a client leave without receiving a request. I'm surprised they're not used in your neck of the woods.
It doesn't read to me as though that's being ratified at all. In fact, it seems to say he accepts the date of the distribution to be the date it hit the bookkeeping, which is possibly even more worrying.
My answers
I'm glad you didn't Rush into this.
Sorry, I'm just here to make the pun.
So you're giving them financial advice then?
It might not be a legal obligation, but we write for every client we take on and have never had a client leave without receiving a request. I'm surprised they're not used in your neck of the woods.
The tax advice your accountant has offered to give you will be the answer you're hoping not to pay for.
You may wish also to speak to a mortgage broker.
It doesn't read to me as though that's being ratified at all. In fact, it seems to say he accepts the date of the distribution to be the date it hit the bookkeeping, which is possibly even more worrying.
"previous accountant told him to"... more like "previous accountant wouldn't let him".
That is a very good point. I saw mention of NIC and my head went to a write-off for some reason.
OP has now clarified.
Have you confirmed with your client that they want this loan to be released or written off?
I'd be inclined to leave the loan in place and just have them suffer the s455 (which probably should have been charged in each of the last 3 years).
If its a service company, are there nay IR35 issues to contend with?
I've recently had stamp duty relief granted where there was no written agreement so it may just be down to the case worker.