Loans to Participators
Overview
This section is designed to analyse the tax relevant information related to Loans to participator’s in closed companies. The relevant sheets are as follows:
- Loans to participators
- This optional sheet lets you analyse information on the loans made to participators of close companies in the period, and the loans that are outstanding at the end of the period.
- Loans movements
- This additional sheet lets you analyse movements on the individual loans where certain repayments are made after the period end.
- CT600A return
- CT600A is the CT600 supplementary page for Loans to participators. This sheet summarises information on the loans made to participators.
Completing the Sheets
Loans to participators
On this sheet you will be required to enter information relating to Loans that have been made to participators of your closed company in the period of account. A tax adjustment will then be calculated based on the loans outstanding at the end of the period. This will be linked directly to Adjustment of profit sheet. A column is required for each loan and additional columns can be added as required. For any additional Accounting periods a new section will be added below the previous period.
Any repayments due for loans outstanding from previous periods will need to be claimed separately from HMRC.
Loan movements
This sheet lets you enter details of individual amounts repaid, released or written off for each loan after the period end but before the return is submitted, additional rows can be added as required. This analysis is required for the completion of the CT600A. A separate sheet is developed for each individual loan to analyse these amounts.
CT600A return
This is a review sheet on which you cannot perform any analysis and will be populated automatically from the Loans to participators and Loan movements sheets.