Nationwide Dividend - Directors Loan

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Timmy2010

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I was made director of a company along with 3 other people, where I received a monthly wage (for which no PAYE was paid!!), however I find that it was classed as a dividend and the company did not make sufficient profit to cover what I was paid.

I have since left the company but heard that the accounts are due and the money I was paid would be classed as a director's loan.
What does this mean for me? Does this mean I have to pay ALL the money back, effectively meaning I worked for nothing?
 
Timmy2010 said:
I was made director of a company along with 3 other people, where I received a monthly wage (for which no PAYE was paid!!), however I find that it was classed as a dividend and the company did not make sufficient profit to cover what I was paid.

I have since left the company but heard that the accounts are due and the money I was paid would be classed as a director's loan.
What does this mean for me? Does this mean I have to pay ALL the money back, effectively meaning I worked for nothing?
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How much money are we talking about?
 
I should really flesh out more circumstances. The 3 other directors were on same wage as me, same class of shares. I'm assuming that if it is to be classed as a director's loan for me it would have to be the same for the other 3. This company was set as a training division which was a subsidiary of the main company. The main company has 4 directors including the CEO. I also know that last year (when there was only 3 directors on the training company) that this issue was resolved somehow by turning them into wages and paying the appropriate tax as it didn't make a profit last year either. The issue is that the CEO for the main company is known to be very vindictive and although my leaving was quite amicable I wouldn't put it past her to do this so I have to pay all of the money back and she will sort the other 3 via alternative means.
 
This is an Irish site. It would appear from your post you are located in the UK where tax & company law is substantially different to ours. You might be better off to seek help from a UK site.
 
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