Home For accounting professionals General accounting discussion
Current updates regarding coronavirus (Covid-19) and the precautions AAT are taking will be continually updated on the below page.

Please check this link for the latest updates:
We hope you are all safe and well and if you need us we will be here. 💚

VT Users regarding Tax on Overdrawn Dircetors Loan Account

browny76browny76 Just JoinedRegistered Posts: 20
I have a question for those of you who have been using VT Final Accounts.
I have a client that has elected to pay the additional 25% tax on his overdrawn DLA rather than pay it back.

On VT I cannot see an area where the overdrawn balance can be entered, so that the additional 25% tax becomes present on the Tax Computations page.

How have any of you guys approached this area using VT? Have you added lines to the Taxation Tab for instance?

interested to hear back.

Thank you

Best Answer

  • browny76browny76 Just Joined Registered Posts: 20
    Accepted Answer
    Hi Marie,
    Thats exactly what i ended up doing, but thank you for taking the time to have a look at my query. The VT Final Accounts tax tab is kept fairly basic so that new lines can be added without compromising existing formulas. VT were quick to call back to chat about this area of the Final Accounts. They have been asked about this a lot.
    Kind regards


  • MarieNoelleMarieNoelle Trusted Regular Hampshire/Surrey borderModerator, MAAT, AAT Licensed Accountant Posts: 1,432
    I would just add an extra line after the tax payable stating "tax payable under S455 CTA 2010" and a total for CT payable.
    Not sure how the tagging works for iXBRL though. Are you using the HMRC software?
Sign In or Register to comment.