Director Loan to appear on Creditors Section

[Satinder25]

Hi All,

Is it mandatory that investment through Director loan should appear as;

[b] example[/b]

Creditors: amounts falling due for more than 1 year
Director Loan £50000

[zimba]

It is mandatory that your accounts shows the Director's loan clearly with your full name

[Satinder25]

Thanks Zimba,

I asked my accountant and he says he is unable to do that changes in abbreviated accounts through the sage software for some reasons.

He has written the directors loan agreement and pay back dates on his letter head head.
In addition we have Directors loan agreement signed through business solicitor.

Will that be ok

[zimba]

Unfortunately your name must appear in the accounts. He must be able to add your name and the amount of directors loan in the accounts notes.

[jafersadeq]

Thanks Zimba,

I asked my accountant and he says he is unable to do that changes in abbreviated accounts through the sage software for some reasons.

He has written the directors loan agreement and pay back dates on his letter head head.
In addition we have Directors loan agreement signed through business solicitor.

Will that be ok

It is wrong to use electronic way to file annual account, we are in visa and we have to follow the requirements.
Ask your accountant to prepare hard copy of annual accounts, he can write everything you need, no restrictions, and send it to Companies House (paper not electronic), after 8 days you will see it online.

Kind regards,

[rajrea]

Unfortunately your name must appear in the accounts. He must be able to add your name and the amount of directors loan in the accounts notes.

Hi Zimba,

My Accountant filed the Annual accounts online and he said you can't put Directors Loan details on Creditors section so he written amount on Creditors section.
But he mentioned in clearly in the account notes saying
4. Transactions with directors
"As at the balance sheet date the company owed £15,100 to the directors as follows:
Mr XXX £8,100 Mr YYY £7,000 "

As it was only for 1 financial year thats the amount we have transferred as Directors loan so can you please guide me whether this is acceptable by UKBA or not ?

[babaty2k02]

Unfortunately your name must appear in the accounts. He must be able to add your name and the amount of directors loan in the accounts notes.

Hi Zimba,

My Accountant filed the Annual accounts online and he said you can't put Directors Loan details on Creditors section so he written amount on Creditors section.
But he mentioned in clearly in the account notes saying
4. Transactions with directors
"As at the balance sheet date the company owed £15,100 to the directors as follows:
Mr XXX £8,100 Mr YYY £7,000 "

As it was only for 1 financial year thats the amount we have transferred as Directors loan so can you please guide me whether this is acceptable by UKBA or not ?

..as advised, make sure your name appears beside your investment amount (in the NOTES section) as:

Creditors - Amount falling due after one year

Directors Loan Account (for Mr XYZ) - £50,000+ (**depending on the amount shown in the accounts)

Many have been refused just because their name did not appear as above. My accountant said same, but I had to telll him to find a way, until he did what I wanted

[zimba]

Unfortunately your name must appear in the accounts. He must be able to add your name and the amount of directors loan in the accounts notes.

Hi Zimba,

My Accountant filed the Annual accounts online and he said you can't put Directors Loan details on Creditors section so he written amount on Creditors section.
But he mentioned in clearly in the account notes saying
4. Transactions with directors
"As at the balance sheet date the company owed £15,100 to the directors as follows:
Mr XXX £8,100 Mr YYY £7,000 "

As it was only for 1 financial year thats the amount we have transferred as Directors loan so can you please guide me whether this is acceptable by UKBA or not ?

Having that information in the the notes section is enough as long as it clearly states the money owed is a director's loan under both of your name.
P.S. There is not such a body as UKBA any more, it is UKVI which is part of the Home Office.

[Satinder25]

Hi

I just received an email from my accountant and he says that he asked Sage to assist him with editing that section and he says they refused by saying cant be done.

help

[zimba]

Hi

I just received an email from my accountant and he says that he asked Sage to assist him with editing that section and he says they refused by saying cant be done.

help

Ask your accountant to prepare a separate copy for your manually and stamp them. This version do not need to be submitted to companies house as there is not differences between the reported data on them (just the formatting needs to have the director's name)

[Satinder25]

Hi Zimba,

Really appreciate your assistance and patience in helping us out.

Please find the attached section of my annual accounts and please highlight where i need to put mine and my business partners name (if its possible for you). My accountant is brilliant in general but doesn't understand the immigration language.....


Thanks

[zimba]

I do not see any attachments. As I said before it should appear in your accounts notes section

[Satinder25]

Hi zimba,

Sorry for some reason it didn't allowed me to attach it. However, the note section is usually the last page after the balance sheet. so nothing in balance sheet under Creditors section but should be written under the notes section
below [b]Related Party Transactions[/b] as Director (Mr XYZ)= £25000
Director (Mr XYZ)= £25000 through director loan and This loan is interest-free, unsecured & subordinated in favour of third-party creditors of the company. The loan is repayable after ......... year/(s)


Is that it?

[zimba]

Looks good to me. I do not understand why people think this should appear on the balance sheet. Such information ends up in the notes section almost all the times. Highlight this in your accounts and you are good to go

[Satinder25]

Thanks a lot Zimba.....