Hi, essentially we bought a commercial unit with our own (tax paid on) money. Then we created a company and the ownership of the property was transferred to the company. In return we received shares equal to the value of what we originally lent. Our accounts for the last 6 years or so have recorded this and the share capital as being £150k. With hindsight we should have created directors loan accounts so that we could eventually have the money originally used to buy the property paid back to us. Are we able to adjust our tax return to reflect a reduced share capital value (nominal £1.00 value) and create a directors loan account as we should have done originally?
In answer to your question The company has received a rental income from the property