Brad, thank you for your reply
So, you have two entries for the same box AC58. So you mean they cancel each other out and therefore should be 0 or left blank?
To clarify, and use actual figures, the amount of non-PAYE that came out of the business account into my personal account was:
Of which I consider was was loan repayment £2632
Therefore dividend = £4587
Correct .. only £4,587 is dividend as the rest is repayment to you of monies advanced to the business.
If so, am I fundamentally not understanding something simple..? If all of the above is correct (please tell me if it isn't!) and effectively the loan isn't recorded because they cancel each other out... Will I be paying too much corporation tax? Or does that 'spare' £2632 actually work out because ultimately it was 'spent' in the Cost of Sales/Admin..?!
You are not paying too much corporation tax as £2,632 is included in cost of sales/expenses before arriving at the profit before tax.
My end of year bank balance was £2700 from £53 the previous year end. £2647 increase.
With putting £4587 as dividend
my Net Balance For The Period is £2932
I don’t follow this bit.... what is this net balance figue of £2,932.
I hope this is helpful and answers your original and supplementary questions.