s455 Director Loan Account
Queries around the actual claim
- s455 tax is due if the DLA owes more than £10,000 at 9 months after period end. But if the DLA is -£15,000 and £10,000 is allowable, then is it the difference that is marked up as the loan outstanding? So in this case £5,000. Or does one state that the loan is the whole amount of £15,000?
- I am slightly confused by the repayment of the loan when the corporation tax is recovered. Let's say the DLA then becomes
minus £9000 in total, which remains within the allowable amount. Does that CT then remain outstanding until the full amount is paid back?
- My question is specifically how much of the loan is marked up in the CT600A? £15,000 or £5,000?
- When the loan is paid back, does the full amount of the loan have to be paid back to recover all of the CT or can it be brought back to under £10K? What happens to the balance?
- I have looked and looked in various places and can't find a definitive answer.
- Thanks in advance if you have taken the time to look at this.
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