I Had A 50k Credit Balance On My Directors Loan Account,and My Ltd Company Went Into Voluntary Liquidation,can I Write This Off As A Loss On My Personal Tax Return
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And the rest.Originally posted by allcun View PostIf your company is the best place to work in, for a mere £500 p/d, you can advertise here. -
Not really sure on liquidation provisions but would think your personal tax return would only come into the equation if you had paid income tax on money you did not in fact receive, ie on salary not paid or higher rate tax in respect of previous dividends you did not actually receive. Otherwise it's a company/CT issue.bloggoth
If everything isn't black and white, I say, 'Why the hell not?'
John Wayne (My guru, not to be confused with my beloved prophet Jeremy Clarkson)Comment
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As you said if it is loan to the company, I am afraid, even if you have taxable income to offset, you can not offset against the taxable income.
If you invested in unquoted company then subject to conditions you may be able to get tax relief on loss of investment against the income tax. But not on loan.
However, you can use this loss to offset against the capital gains in current year or carry forward to use in future.Comment
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