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How much S455 Tax will I pay on my overdrawn Director’s Loan Account?
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No. If a dividend is voted with insufficient retained profit it is called an ‘illegal dividend’. This should be avoided by preparing accounts and including a Corporation Tax provision before viewing retained profit and voting a dividend.
Damion Viney has been supporting business owners to make a success of their ventures since 2011 when he set up Co-. Blogs cover all aspects of business development. He is co-author of Improving the Numbers.