Hello,
If I have a directors loan of £200 which has not been paid back within 9 months and 1 day, in one financial year and proceed to pay the 32.5% Corporation tax on that loan...
Then, the next year, the loan has not been repaid, but has in fact grown to £2500... In this year, do I have to pay tax on £500, or do I have to pay tax on £2500 - Baring in mind I already paid tax on £2000 the previous year.
All articles I have read state that I have to pay tax on the outstanding amount, but none of them have information on outstanding amounts that already attracted corporation tax which has been paid.
I have not been able to get hold of my accountant today and I need to get the answwer to this. Thanks in advance.
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