VT Users regarding Tax on Overdrawn Dircetors Loan Account

browny76

Hi,
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
Mark

MarieNoelle

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?

browny76

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
Mark