Hi there!
Currently lodging first company tax return for small private company and have a question in regards to total debt. The instructions request that I add the opening and closing balance of the company debt and then divide by two, however where the only debt that is included is a loan from the director (me), then am I assuming this is my calculation?
Starting debt: $0
Finishing debt: $2,000
Total Debt in Company Tax Return: $1,000
I've seen points how this should be assets minus liabilities on other questions so am more just looking for guidance to do this correctl
Thanks!
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