Pretty sure I know the answers but just like to check. Our ed s/w company made a loss in first year and by end had not fully repaid money put in by directors. Is it correct that:
a) Personal expenses, travel etc should still appear in accounts even though they have not actually been reimbursed. Show up in creditors.
b) On P11D we will only put expenses that have actually been reimbursed. Any that could not be reimbursed due to lack of funds will carry through and may be claimed the following year.
Not so sure about this one. The other director has a K tax code, so tax is due even when no salary has been paid. The company has no money to pay such tax. Any ideas what should be done about this?
