I have a directors loan account overdrawn by £5,000 during previous year's accounts. It is due to be repaid by the end of May (ie just within 9months 1 day after year end).
I borrowed a further £5,000 during this current financial year which I would expect to repay before the deadline next year.
My question is this - does the S455 charge apply only to last year's borrowings? For example if I repay in full the amount of £5,000 borrowed last year will I be due any S455 given the DLA will remain overdrawn by £5k borrowed recently?
Logic tells me the charge can only apply to the year now due for repayment but I would appreciate some reassurance.
With thanks
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