Get money in my Business Account, then what??

**DiscoStu** · 17 January 2009, 16:38

Originally posted by BEC View Post

Please help me!
I have set up a limited company and I'm the only director/employee in the company. I sent an invoice to my first customer and get paid £900 in my HSBC Business Account.

I don't know what's to do next, can I withdraw those money? Or how can I get the most benefit from tax?

Thank you very much!
BEC

Get an accountant.

**scooby** · 17 January 2009, 16:53

Originally posted by DiscoStu View Post

Get an accountant.

WHS. Seriously.

**bellymonster** · 17 January 2009, 16:56

Become a permie and forget contracting.

**zara_backdog** · 17 January 2009, 17:23

Originally posted by DiscoStu View Post

Get an accountant.

WHS

**BEC** · 17 January 2009, 17:28

Thanks for your reply, what is 'WHS'?

**realityhack** · 17 January 2009, 17:28

Ignore all that, spend it at will, preferably using your business credit card to buy your personal stuff.*

*This may be incredibly bad advice.

**PM-Junkie** · 17 January 2009, 17:34

I spy a sockpuppet

**zara_backdog** · 17 January 2009, 17:35

Originally posted by PM-Junkie View Post

I spy a sockpuppet

Who's this one then?

**bogeyman** · 17 January 2009, 17:37

Originally posted by DiscoStu View Post

Get an accountant.

I can understand your response given way the original poster's question was phrased, but is it really necessary to pay an accountant?

I have been through various periods without an accountant and it's not rocket science.

Most contractor's run a fairly simple business. The rules are well explained and obvious (see HRMC website).

VAT is straightforward. The only thing I can see being an issue is Capital Allowances, for those who are new to the game.

The days of 'a decent accountant will save you more that you pay them' are long gone IMHO. Not so may loopholes or wriggle-room nowadays.

If you are disciplined, numerate and are not put off by the jargon, then there's no reason why someone running a simple Ltd, partnership or sole trader outfit would need an accountant.

There are plenty of good books that explain how to run a small business and prepare accounts etc.

Get money in my Business Account, then what??