My company's year end is 29/2/12
In the month of March I took out a Directors Loan of £10,000.
I charged interest of 4%.
This interest has not been physically paid as at my personal income tax year end of 5/4/12. Only accrued in the company as it is only £33 worth.
I have repaid the loan in full along with interest to July when it was repaid all together in July.
My accountant is saying I have to amend my P11D because the loan was above £5k and I did not repay interest before 5/4/12.
Surely I do not have to physically pay the interest before 5/4/12? As it will all be repaid in my company's year end of 12/13. Surely the mere fact it is accrued and paid in the correct financial year is fine?
The loan was repaid in full before year end. There is no loan outstanding at my company's year end. And a commercial rate of interest was charges so no P11D is required at all.....?
Any help is appreciated.
In the month of March I took out a Directors Loan of £10,000.
I charged interest of 4%.
This interest has not been physically paid as at my personal income tax year end of 5/4/12. Only accrued in the company as it is only £33 worth.
I have repaid the loan in full along with interest to July when it was repaid all together in July.
My accountant is saying I have to amend my P11D because the loan was above £5k and I did not repay interest before 5/4/12.
Surely I do not have to physically pay the interest before 5/4/12? As it will all be repaid in my company's year end of 12/13. Surely the mere fact it is accrued and paid in the correct financial year is fine?
The loan was repaid in full before year end. There is no loan outstanding at my company's year end. And a commercial rate of interest was charges so no P11D is required at all.....?
Any help is appreciated.
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