If a director withdrew £10,000 from his company in January 2015 would I declare this on his 14/15 tax return or wait until his companies year end which is October this year ( first year trading) and declare it next year on his 15/16 tax return?
The director and the company are not the same thing. If the director was paid a Dividend in January that would be in Tax year 14/15 (next Jans self assessment).
Conversely if the director drew against the DLA in January rather than received a dividend then and the dividend to clear to DLA was shortly before the companies period end the taxable event occured in 15/16.
Overdrawn DLA's should not be permitted to go through a companies period end.
There is no direct link between the companies year end and the directors self assessment.
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Shaun
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