Fordette
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Joined 5 years ago
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Hi This is actually a tax question for the new online tax programme and IR4 and IR10 tax returns I am confused with the Shareholder Details in an IR4 at key point 42 – Current account balance says enter positive for a debit balance or a negative for a credit balance. In the IR10 the current account year-end balance Key point 58 says, if in debit enter with a minus sign I guess that means they cancel each other out? So to use a simple example - in my end of year accounts, in the shareholder advances section I have funds intro of $1,500 and drawings of $500. This means my shareholder advances are $1,000 and they show up in the liabilities section of the balance sheet. Which makes them a credit. So in the tax programme at keypoint 58 of the IR 10 I enter $1,000 (no brackets) and in Keypoint 42 I enter in brackets ($1,000) Is that right?