How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask taxadvisor.uk Your Own Question

taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4886
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
54961312
Type Your Tax Question Here...
taxadvisor.uk is online now

Tony... I have a question re Directors Transactions in

Resolved Question:

Hi Tony... I have a question re Directors Transactions in regard to Comp House returns.
Simon
Submitted: 2 years ago.
Category: Tax
Expert:  TonyTax replied 2 years ago.
Hi.

Let me know what the questions are.
Customer: replied 2 years ago.

I paid costs of £11577 from my personal account in the return period, of which £8647 were repaid to me from the Company bank account. Therefore £2930 was owed to me at the end of the period. Do I enter £2930 as an item in Creditors (falling due within one year) ..if so do I add a Note to the Accounts at this point explaining that, and additionally add Directors Transactions at the end... if the latter is required there are 2 fields, Advances and Repayments. Which way round do I enter the amounts? Advances 8647 and Repayments 11577 or the other way round?

Expert:  TonyTax replied 2 years ago.
Thanks.

Which section of the Annual return are you referring to?
Customer: replied 2 years ago.

The Abbreviated Balance Sheet.

Expert:  TonyTax replied 2 years ago.
There appears to be another question closely related to this so I will opt out and alert the other expert to this one. He uses the HMRC site for this work and I don't so he will be better suited to it.
Customer: replied 2 years ago.

Ok thank you... should I wait for a response in that case?

Customer: replied 2 years ago.
Hi... Have you passed this on?
Expert:  TonyTax replied 2 years ago.
I have passed this on but the expert I sent it to must be otherwise engaged. He will get round to it I'm sure.
Customer: replied 2 years ago.
Ok many thanks.
Expert:  TonyTax replied 2 years ago.
No problem.
Expert:  taxadvisor.uk replied 2 years ago.

Hello and welcome to the site. Thank you for your question.

I am another expert of this site and I am able to help you.

Your question is -
I paid costs of £11577 from my personal account in the return period, of which £8647 were repaid to me from the Company bank account. Therefore £2930 was owed to me at the end of the period. Do I enter £2930 as an item in Creditors (falling due within one year) ..if so do I add a Note to the Accounts at this point explaining that, and additionally add Directors Transactions at the end... if the latter is required there are 2 fields, Advances and Repayments. Which way round do I enter the amounts? Advances 8647 and Repayments 11577 or the other way round?

You treatment of amount owing to you as creditor is correct..

As far as a note to your abbreviated balance sheet goes, there is no need for a note to reflect this entry. I am a qualified accountant and prepare company accounts for a living.
My small clients fund company operations in the same way as you have done so. Any amounts owing to them at year end are shown as creditors -amounts due within one year and I never put a note.

You have purely funded some of the company's costs out of own funds and this is not an event/transaction that has to be reflected in the notes to the accounts. So please ignore the note.

I hope this is helpful and answers your question.

If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.

Customer: replied 2 years ago.

Thank you for answering this. Do I add a note to the Creditors field to explain the balance or is that not necessary?

I have no further questions for this particular query but will come back to you later.

Expert:  taxadvisor.uk replied 2 years ago.
Simon, thanks for your reply.

You don't have to add a note to accounts on creditors.
It is not necessary.

I hope this is helpful and answers your question.
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4886
Experience: FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
taxadvisor.uk and 2 other Tax Specialists are ready to help you
Expert:  taxadvisor.uk replied 2 years ago.
I thank you for accepting my answer.

Best wishes.
Expert:  taxadvisor.uk replied 2 years ago.
Your reward of a generous bonus is greatly appreciated.

Best wishes.
Customer: replied 2 years ago.

Worth it! I am still stuck on the accounts for another company ...I will fire you a question tomorrow. Thanks, Simon

Expert:  taxadvisor.uk replied 2 years ago.
Simon, if you wish me to answer then please address it to me in the body of your question.

many thanks

What Customers are Saying:

 
 
 
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
< Previous | Next >
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex
 
 
 

Meet The Experts:

 
 
 
  • Sam

    Sam

    Accountant

    Satisfied Customers:

    7088
    26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
< Previous | Next >
  • http://ww2.justanswer.com/uploads/TA/Tax Expert/2013-8-21_231010_sam.64x64.jpg Sam's Avatar

    Sam

    Accountant

    Satisfied Customers:

    7088
    26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
  • http://ww2.justanswer.com/uploads/BI/bigduckontax/2013-8-12_222058_1.64x64.jpg bigduckontax's Avatar

    bigduckontax

    Accountant

    Satisfied Customers:

    2333
    FCCA FCMA CGMA ACIS
  • http://ww2.justanswer.com/uploads/TA/TaxRobin/2013-8-28_16186_femalebusinessprofessionalbinderhand11038485.64x64.jpg TaxRobin's Avatar

    TaxRobin

    Tax Consultant

    Satisfied Customers:

    524
    International tax
  • /img/opt/shirt.png taxadvisor.uk's Avatar

    taxadvisor.uk

    Chartered Certified Accountant

    Satisfied Customers:

    2845
    FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
  • http://ww2.justanswer.com/uploads/MS/MsAM/2012-6-9_16426_anna.64x64.jpeg Anna's Avatar

    Anna

    Teacher, writer, biologist

    Satisfied Customers:

    270
    Great research skills, variety of work experiences, teaching experience.
  • http://ww2.justanswer.com/uploads/PD/pdheslin/2012-6-6_232056_pambig.64x64.jpg pdheslin's Avatar

    pdheslin

    Consultant

    Satisfied Customers:

    51
    20+ years of internet site creation and search engine optimization. Dozens of search tools at my disposal.
 
 
 

Related Tax Questions