s419 Rebate
jilt
Registered Posts: 2,903 Beyond epic contributor 🧙♂️
Can I write to claim a rebate of s419 tax for client or do I have to wait until the next CT600 is filed and complete the supplementary pages. The loan was repaid in years ending July 2009 and July 2010 but no rebate claimed as yet. Sorry if it's a basic question, I'm having trouble getting my head round the relevant dates It is Friday afternoon after all!
0
Comments
-
Can I write to claim a rebate of s419 tax for client or do I have to wait until the next CT600 is filed and complete the supplementary pages. The loan was repaid in years ending July 2009 and July 2010 but no rebate claimed as yet. Sorry if it's a basic question, I'm having trouble getting my head round the relevant dates It is Friday afternoon after all!
Participators tax that was due in the 2008 accounts would have been paid (or due to be paid) by April 2009.
The proportion of loan that was repaid during July 2009 could have been repaid on April 2010 and the proportion that was repaid during July 2010 could have been repaid on April 2011.
If it has now been totally repaid then I would just write to the tax office and as for the full repayment provided now claims have been made in the past. Although I would ask for the s455 tax back :001_tt2:
Regards
Dean0 -
If it has now been totally repaid then I would just write to the tax office and as for the full repayment provided now claims have been made in the past. Although I would ask for the s455 tax back :001_tt2:
Thanks Dean. The last loan was made in year ended July 2008 so the loans were within s419 as s455 and s458 came in from 01.04.10.
HMRCs directors' loan account toolkit states "Where tax has been paid in earlier years under S419 Income and Corporation Taxes Act 1988 any relief due should be claimed under S419(4)"
It is Friday afternoon I know but please tell me I've got that bit right.0 -
Thanks Dean. The last loan was made in year ended July 2008 so the loans were within s419 as s455 and s458 came in from 01.04.10.
HMRCs directors' loan account toolkit states "Where tax has been paid in earlier years under S419 Income and Corporation Taxes Act 1988 any relief due should be claimed under S419(4)"
It is Friday afternoon I know but please tell me I've got that bit right.
My little smiley is a tongue in cheek comment really. I personally don't care too much for; section numbers this, sub-section that! At the end of the day its - you say potato, I say potatoe.
Though for clarity you are correct.
Regards
Dean0 -
Thanks Dean, have a great weekend :001_smile:0
Categories
- All Categories
- 1.2K Books to buy and sell
- 2.3K General discussion
- 12.5K For AAT students
- 319 NEW! Qualifications 2022
- 157 General Qualifications 2022 discussion
- 11 AAT Level 2 Certificate in Accounting
- 56 AAT Level 3 Diploma in Accounting
- 92 AAT Level 4 Diploma in Professional Accounting
- 8.8K For accounting professionals
- 23 coronavirus (Covid-19)
- 272 VAT
- 92 Software
- 274 Tax
- 136 Bookkeeping
- 7.2K General accounting discussion
- 201 AAT member discussion
- 3.8K For everyone
- 38 AAT news and announcements
- 345 Feedback for AAT
- 2.8K Chat and off-topic discussion
- 582 Job postings
- 16 Who can benefit from AAT?
- 36 Where can AAT take me?
- 42 Getting started with AAT
- 26 Finding an AAT training provider
- 48 Distance learning and other ways to study AAT
- 25 Apprenticeships
- 66 AAT membership