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Use this screen to enter and monitor Loans to directors and Loans to other participators and associates.
To access this screen select Data Entry | Loans to participators by close companies (CT600A)
Total loans outstanding at the end of the return period - this is the total of all the Loan Outstanding entries that have been entered into the Loans to directors and Loans to participators and other associates section, which corresponds to box A15 on the CT600A.
Tax chargeable due before and relief on repaid, released or written off loans - this corresponds to box A20 on the CT600A and is calculated as 32.5% of the total loans for the CTAP (box A15).
Relief due on repaid, released and written off loans (within 9 months of period end) - this corresponds to box A45 on the CT600A and is calculated as 32.5% of the total of repayments and amounts written off that have been entered for directors and participators within 9 months.
Relief due on repaid, released and written off loans (after 9 months of period end) - this corresponds to box A70 on the CT600A and is calculated as 32.5% of the total of repayments and amounts written off that have been entered for directors and participators after 9 months.
Total loans outstanding for this and previous return periods - this corresponds to box A75 on the CT600A. This value is calculated as the total Carried Forward value for all directors and participators. This value can be amended by selecting the Edit option.
Tax payable - this corresponds to box A80 on the CT600A and is automatically calculated by Business Tax. The value shown here is the calculated value shown in box A20 less the total of boxes A45 and A70.
Name - list of all directors related to the company who have joined after and left before the corporation tax accounting period.
Brought forward - this is the individual directors loans outstanding from previous corporation tax accounting period. This automatically populated when a data is brought forward for the year (Edit - Bring Forward).
This can been edited by double-clicking on the value and selecting the
Override option.
Loan Outstanding - Debits balances from the individual directors current and loan accounts as posted in Accounts Production are automatically taken into Business tax (excluding brought forward)
This can been edited by double-clicking on the value and selecting the
Override option.
Repaid/Released/Written Off Within 9 months - click on each box to enter the Date, Amount repaid, and Amount released or written off for each individual director within 9 months.
Repaid/Released/Written Off After 9 months - click on each box to enter the Date, Amount repaid, and Amount released or written off for each individual director after 9 months.
Carried Forward - the carried forward value is the deduction of Repaid/Released/Written Off Within 9 months and Repaid/Released/Written Off After 9 months from the addition of Brought Forward and Loan Outstanding.
Name - click Add to select a participators name from the database of clients, or predominantly enter a participators name in the field.
Brought forward - this is the individual participators loan outstanding from previous corporation tax accounting periods. Business Tax will automatically bring forward participators who have been selected from the client database, but will not bring forward information for participators who have been inputted manually on the screen.
This value can be edited, by double-clicking on the value and selecting
the Override option.
Loan Outstanding - enter the amount of loan outstanding for the period (excluding brought forward amounts) for each individual participators.
Repaid/Released/Written Off Within 9 months - click on each box to enter the Date, Amount repaid, and Amount released or written off for each individual participator within 9 months.
Repaid/Released/Written Off After 9 months - click on each box to enter the Date, Amount repaid, and Amount released or written off for each individual participator within 9 months.
Carried Forward - the carried forward figure is the calculated value of the of Brought Forward plus Loan Outstanding, less the Repaid/Released/Written Off Within 9 months and Repaid/Released/Written Off After 9 months.