Dividend amount paid in error - how to rectify?

[Mr_Z]

Company dividend declared then mistake made transferring funds from company bank account to directors personal account. Resulted in too much cash transferred to the tune of 10k over dividend amount

Is it possible to legally repay this overpayment to company (within 1/2 day timeframe) without any consequences for the accounts such as Directors loan etc

There is profit available to cover the extra amount paid in error, but its not particularly tax efficient to take this amount at the moment

thanks

[Sockpuppet]

Just pay it back to the company and put a note in the accounts that you fecked up.

[pmeswani]

Company dividend declared then mistake made transferring funds from company bank account to directors personal account. Resulted in too much cash transferred to the tune of 10k over dividend amount

Is it possible to legally repay this overpayment to company (within 1/2 day timeframe) without any consequences for the accounts such as Directors loan etc

There is profit available to cover the extra amount paid in error, but its not particularly tax efficient to take this amount at the moment

thanks

Just declare it as a Director Loan on the books and pay the money back.

[Olly]

Just declare it as a Director Loan on the books and pay the money back.

No, don't do that. Just do what the first chap said.

[zedAccounts]

No, don't do that. Just do what the first chap said.

Agreed. Don't turn a genuine mistake into a transaction.

ZED.

[xoggoth]

Despite their reputation, you will generally find HMRC are not concerned with insignificant amounts or errors and you will find they say this in various places in their docs.

[Sockpuppet]

Despite their reputation, you will generally find HMRC are not concerned with insignificant amounts or errors and you will find they say this in various places in their docs.

Aye. I under payed VAT by a grand by accident once. Realised it and phoned them. They just told me to pay an extra thousand into the account.

Then a few weeks later got a letter saying "you under paid....oh we have a payment from you....sorted"