Investment dilemmas

[itk]

Hi all,
Please I need your honest contribution as this is very urgent. I am going for extension in about 7 weeks time, £50k route. my solicitor advised to show my investment as DL, but my accountant doesn't want to but rather he said I can show my investments through unaudited accounts and account compilation report.
My questions are;
1. Please is it adviceable to change my accountant as he is not ready to comply with what the solicitor said.
2. Can I amend the already submitted account for year ending 2015 with Co House and HMRC to reflect the DL, without getting into trouble.
3. I did several transfer from my personal account to business account, the bulk of it last year and the other this year. Do I need to put the individual dates of transfer in the directors loan agreement.

I look forward to hearing from you. God bless!

[sm12]

Hi all,
Please I need your honest contribution as this is very urgent. I am going for extension in about 7 weeks time, £50k route. my solicitor advised to show my investment as DL, but my accountant doesn't want to but rather he said I can show my investments through unaudited accounts and account compilation report.
My questions are;
1. Please is it adviceable to change my accountant as he is not ready to comply with what the solicitor said.
2. Can I amend the already submitted account for year ending 2015 with Co House and HMRC to reflect the DL, without getting into trouble.
3. I did several transfer from my personal account to business account, the bulk of it last year and the other this year. Do I need to put the individual dates of transfer in the directors loan agreement.

I look forward to hearing from you. God bless!

1. But you have to invest as either director's loan or share capital, so what does your accountant propose to show in the unaudited accounts?

2. You can amend with Companies House (no deadline as such) but with HMRC you can only submit amended accounts within 12 months of filing deadline. So you must act quickly. https://www.gov.uk/company-tax-returns/making-changes
https://www.gov.uk/annual-accounts/corr ... amendments

Please note that you will have to pay interest on any extra tax that becomes due as a result of amendment.
If the tax is lower than before, you can get a refund.

3. If you have made several transfers, it is better to be safe and mention in your contract that the amount will be transferred in multiple transactions. As far as I know, it is not necessary to give exact dates, but you should give a time frame (e.g. between 5th April 2013 and 5th April 2015). Make sure you also clearly state that the loan is unsecured and subordinated in favour of third parties, and give the repayment plan.

[itk]

Sm12. Thank you so much for your quick and prompt response. I have to act fast. But will HO raise any dust as to why I had to amend the account

[sm12]

Although it is difficult to say with certainty, as long as you get the amendment done within the time limit and pay any extra tax due, I would think you should be fine. Sometimes errors do come up and that's why HMRC gives people time to resubmit their returns. Also, the HMRC amended return can be submitted online by your accountant. Only Companies House requires the paper document to be sent.

[itk]

Sm12. Thanks a lot. Much appreciated

[jafersadeq]

2. Can I amend the already submitted account for year ending 2015 with Co House and HMRC to reflect the DL, without getting into trouble.

If there are no changes in numbers (financial statement), so no need to amend it with CH or HMRC, you can just prepare new edited accounts according to HO rules and use it. An ACCA accountant advised me before, and you can get more information in this forum.
Thanks

[awan905]

I cannt understand that why your account is not willing to do this, because if you have already transferred the money from personal to business in last year and while making the annual accounts , your accountant must have mentioned the director loan amount in accounts, he just need to change this and have to put your name next to it.

[itk]

[quote="jafersadeq"][quote="itk"]2. Can I amend the already submitted account for year ending 2015 with Co House and HMRC to reflect the DL, without getting into trouble.[/quote]

If there are no changes in numbers (financial statement), so no need to amend it with CH or HMRC, you can just prepare new edited accounts according to HO rules and use it. An ACCA accountant advised me before, and you can get more information in this forum.
Thanks[/quote]

Thank you bro, I'm already speaking to a different ACCA accountant just now. Let see how it goes

[itk]

[quote="awan905"]I cannt understand that why your account is not willing to do this, because if you have already transferred the money from personal to business in last year and while making the annual accounts , your accountant must have mentioned the director loan amount in accounts, he just need to change this and have to put your name next to it.[/quote]

It really baffles me why he so obstinate in doing what I paid him to do but rather he want to do what he feel is right for him. Before now I asked him for start date on the FPS he said his software doesnt display start date on FPS, I had to generate my FPS on my own with moneysoft. I've already shopped for his replacement. Thank you for advice.