T1 Ent 50k Extension - tricky situation - directors loan

[Entrepreneur9]

I have invested a total of £70,000 in my business within the last 1 year. Problem is I only have record of £55000 (transfers from personal account to business account). And I only wish to claim investment of £55000 (in a form of directors loan) and not £70000

This is how my unaudited accounts look like:

In the balance sheet it says:
CREDITORS (Amounts falling due after more than one year) - £70000

And in the notes of the balance sheet it says:
Other Creditors - £70000

My question is how do I claim £55000 and where should I add the note stating -
Unsecured Directors Loan by Mr XYZ £55000?

Senior members - Zimba and others - I would appreciate your responses

Best Regards!

[zimba]

You accountant should be able to separate the £55K as a Director's loan under your name, inserted in accounts notes

http://www.immigrationboards.com/uk-tie ... =unsecured

[Entrepreneur9]

You accountant should be able to separate the £55K as a Director's loan under your name, inserted in accounts notes

http://www.immigrationboards.com/uk-tie ... =unsecured

Hi Zimba88,

Many Thanks for your reply.

My new unaudited accounts look like this:

In the balance sheet it says:
CREDITORS (Amounts falling due after more than one year) - £70000

And in the notes of the balance sheet it says:
Unsecured Directors Loan by Mr XYZ - £55000
Other Creditors - £15000

My question is - does my name need to be at both the places - face of the balance sheet and notes?

My accountant says:
I have made some changes to accommodate your requests. However, this does mean that the note on the face of the balance sheet has to say ‘Creditors: Amounts due within one year’. Then the note for that amount details the two separate amounts for the unsecured directors loan (which is £55000 and £15000).

[zimba]

Your name must be in the notes and that is enough. It should show you invested the loan under your name

[Entrepreneur9]

Hi zimba88,

you have been an asset to this forum, thank you!

I have another quick question if you can help. My accountant has made an error on the FPS that was submitted in 2014 and 2015.

My employee name as per passport is -
Forenames- John Faith and Surname- Wright

On the FPS, it appears as
Forenames- John and Surname- Faith Wright

Do you think this case be a problem?

I spoke to my accountant who said that he can amend the FPS (pdf copy) on his software with correct details and sign it however he cannot amend the actual FPS that has already been submitted to HMRC.

[zimba]

Hi zimba88,

you have been an asset to this forum, thank you!

I have another quick question if you can help. My accountant has made an error on the FPS that was submitted in 2014 and 2015.

My employee name as per passport is -
Forenames- John Faith and Surname- Wright

On the FPS, it appears as
Forenames- John and Surname- Faith Wright

Do you think this case be a problem?

I spoke to my account who said that he can amend the FPS on his software with correct details and sign it however he cannot amend the actual FPS that has already been submitted to HMRC.

Usually Payroll softwares by default put the surname first and the first name last. You see this on payroll and FPS reports and in fact I sent payslips which had the same format without any issues. The fix is as simple as changing the settings in the payroll software and generating the FPS reports again.
This does not mean the submitted FPS submission was wrong, it is just the format on the report. So nothing needs to be reported to HMRC.

[Entrepreneur9]

Hi zimba88,

you have been an asset to this forum, thank you!

I have another quick question if you can help. My accountant has made an error on the FPS that was submitted in 2014 and 2015.

My employee name as per passport is -
Forenames- John Faith and Surname- Wright

On the FPS, it appears as
Forenames- John and Surname- Faith Wright

Do you think this case be a problem?

I spoke to my account who said that he can amend the FPS on his software with correct details and sign it however he cannot amend the actual FPS that has already been submitted to HMRC.

Usually Payroll softwares by default put the surname first and the first name last. You see this on payroll and FPS reports and in fact I sent payslips which had the same format without any issues. The fix is as simple as changing the settings in the payroll software and generating the FPS reports again.
This does not mean the submitted FPS submission was wrong, it is just the format on the report. So nothing needs to be reported to HMRC.

Hi zimba,

Thank you for your reply

There's definitely an error on FPS, reason being I have 2 more employees, and their names on the FPS is in correct format.

The mistake is that in the Surname section of the FPS, the accountant has put the middle name too. "Faith Wright" instead of "Wright".

My question is - is my accountant allowed to change the name of the pdf file now? as this cannot be amended with HMRC.

I am just worried because if UKBA verifies this with HMRC, my submitted FPS details may not match.

[Entrepreneur9]

Hi zimba88,
sorry to be a pain.
I would appreciate your valuable advice on my situation please.

Kind Regards

[zimba]

Such a small detail will not matter as from HMRC standpoint, an employee reference for taxation purposes is the NI number and not much someone's name. Just get the name fixed on the payroll in the software and you should be fine.

[Entrepreneur9]

Zimba88,
you are a star of immigrationboard
you have been a great help mate
thank you for everything

[commonuser]

Hi Zimba or any other Gurus
Can you please check the below image of my final accounts in
which the amount and Director name(myself) is mentioned regarding director loan.
Will this be sufficient for extension?
http://i64.tinypic.com/2d0at00.png

[zimba]

Hi Zimba or any other Gurus
Can you please check the below image of my final accounts in
which the amount and Director name(myself) is mentioned regarding director loan.
Will this be sufficient for extension?
http://i64.tinypic.com/2d0at00.png

Yes, it should be fine as long as you send the require loan agreement and bank statements along with it.

[commonuser]

Thanks Zimba88
Have those documents too ..
Just wanted to confirm this bit in Final Accounts

Thanks Again