Error in filed company accounts

[electronicfur]

My accountants seems to have made an error in my company accounts in that they have correctly listed all the expenses I have claimed under the Administrative expenses in the accounts, but for some of the expense claims they have failed to adjust my dividends to reflect the payment of those expense claims to myself.

On my company bank account there is a monthly standing order which moves money into my personal bank account and usually the monthly dividend is the standing order amount minus any expense claims that month. Oddly they have done it for the first few expense claims, but not for the remainder.

Is it correct that I really have no chance to now amend these company accounts and adjust the dividends, and that I'll just have to amend my personal tax return for last year to be in line with the higher dividend payments as in the accounts?

And I take it I can just make these expense claim payments in the following company accounting year, even though they are in the company accounts of previous years?

Cheers,
EF

[Clare@InTouch]

It's possible to file amended accounts with both HMRC and Companies House. Just tell your accountants what was wrong, ask them to adjust and file new copies. Depending on the value of any adjustments they may suggest that any amendments are made in the current year's accounts.

If you're owed expenses for a prior year they are carried forward in a Directors' Current Account and can be taken at a later date.

If any amendments need to be done to your tax return then they can also be done simply by writing to HMRC.

[electronicfur]

Thanks for the info Clare, much appreciated, as I have been unable to get through to my account to get a proper answer in the last couple of days. I'm guessing they are swamped doing returns.

Good to get confirmation that the unclaimed expenses just sit in the Directors' Account.

It is probably easier to just amend my tax return for last year online, to bring it inline with the company accounts, and adjust the return I'm about to do as well. Especially as its due on Monday! The downside is that it increases my overall tax liability

I'm also worried that changing the company accounts for something as basic as the dividends paid out will draw undue attention to the accounts, and that it's better to just take the hit on the extra tax.

Cheers,
EF

[rmmc]

My understanding is that you can not resubmit amended accounts at companies house unless that the original accounts did not comply with requirement of companies act.

So my recommendation would be to speak to your accountant, draw his/her attention to the error. If it is the material error then you may need to amend the CT return.