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First payments to my LTD Company?

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    First payments to my LTD Company?

    Hello all, first post here.

    I have recently set up a Limited Company and have been paid into my company account. My account is set up online and I noticed I can transfer money from my business account to my current account.

    Can I draw money from the account as and when I like or do I have to wait for my accountant to tell me how much I can pay myself.

    #2
    Nope you can take it all out and in as and when you like.

    Comment


      #3
      you need to understand how much you can take as Wages, Dividends & Expenses - the rest needs to be left there [ to cover PAYE, CT & VAT at a later date ].

      You should also make seperate transfers from your Bus A/c to your Personal A/c for each of the Salary, Dividends & Expenses.

      Also don't forget that for wages - you need to ensure you've kept enough for PAYE [ IT & 2xNI ]

      For dividends you need Minutes & Tax Vouchers

      and for Expenses you need to keep all reciepts.

      But of course your accountant told you all this anyway......
      Cenedl heb iaith, cenedl heb galon

      Comment


        #4
        Thanks guys, my accountant is on holiday at the moment so I'm a bit stuck. If I just draw out half for now so I have something then I should be ok!

        Or, should I leave it until the accountant gets back?

        Comment


          #5
          Apologise if I ask silly questions, I always make sure I 100% understand something, if that requires a silly question then I'll ask lol!

          Comment


            #6
            Originally posted by Gahoo
            Thanks guys, my accountant is on holiday at the moment so I'm a bit stuck. If I just draw out half for now so I have something then I should be ok!

            Or, should I leave it until the accountant gets back?
            Depends on how long he is away for, and how much you need the money!

            I'd leave it until he comes back, but I don't know the answer to either of these questions.
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            Comment


              #7
              Is it a dividend or salary? Doesn't sound like you know, so perhaps you should wait for your accountant.

              You can't just spend it all on sweets.
              Will work inside IR35. Or for food.

              Comment


                #8
                Originally posted by VectraMan
                Is it a dividend or salary? Doesn't sound like you know, so perhaps you should wait for your accountant.

                You can't just spend it all on sweets.
                LOL, I know but I have bills to pay!

                I'll try ringing him :-)

                Comment


                  #9
                  Your salary is agreed between your company and yourself. It must be in excess of the legal minimum wage. You must draw this into your bank personal account at a regular interval.
                  Your dividend is all other payments from your company to yourself not including expenses.

                  Comment


                    #10
                    If you have only just started I wouldn't bother about it too much. CT is not due for almost two years and PAYE, even if caught by IR35, for over eight months. He wont' be away that long presumabably.
                    bloggoth

                    If everything isn't black and white, I say, 'Why the hell not?'
                    John Wayne (My guru, not to be confused with my beloved prophet Jeremy Clarkson)

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