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Repayment for a director's loan taken out in a previous period

Article ID
ias-12055
Article Name
Repayment for a director's loan taken out in a previous period
Created Date
13th October 2015
Product
IRIS Business Tax
Problem
How to claim a repayment for a loan taken out in a previous period, which has now been partly or fully repaid?
Resolution
If a loan is repaid after 9 months of the period end date in which the loan was taken out, then users would be required go to the year that the loan was taken out and put in the payment details within the section ‘after 9 months of period end date’ and then send in an amended return. CT600A, loan, loan to participators, repayment, directors overdrawn loan, directors loans There is nowhere on the CT600A in the current period for this repayment to be disclosed. To claim the refund of s455 tax paid in the current year tax return (if it is a rolling loan b/f or a new client therfore an amended return cannot be completed) users would need to complete the following steps: 1. Go to Data Entry | Loans to Participators 2. Double click on the box brought forward and tick the override box 3. Reduce the b/f to 0 or the loan remaining 4. Click on Update Totals and OK 5. Go to Data Entry | Summary and under the Repayment Claim section tick the box “For Earlier Period” 6. Go to Edit | Notes – enter the tax reclaim information within here

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