Paying Company Money into a Personal Account

[sal]

Possibly, but I'd prefer to do electronic, cheque just seems like it would add to the hassles.

It was only a suggestion, for a one off payment if you have financial issues and need the money. IF you don't need the money fast i would suggest you to just wait for the business bank account to be ready (maybe look for alternative banks as already suggested by others)

[D3K]

It was only a suggestion, for a one off payment if you have financial issues and need the money. IF you don't need the money fast i would suggest you to just wait for the business bank account to be ready (maybe look for alternative banks as already suggested by others)

I know, sorry if my response came of brash as I do appreciate the suggestion. I just think it may be too complicated.

I'm going to try and go in and see Lloyd's tomorrow to sort it out, as the general consensus seems to be, all legality issues aside, it's going to be a hassle convincing the agency to actually do it, so I might as well put the effort into trying to get the bank account open ASAP.

[Scruff]

Do you have proof of address now?

Are you an EU Citizen?

[D3K]

Do you have proof of address now?

Are you an EU Citizen?

I do, problem is my partner is a 50% shareholder and she doesn't. Lloyd's over the phone said they didn't need formal proof of address (I'm half expecting form them to ask for it anyway though).

And no. We're both Australian.

[TheFaQQer]

Do you need a limited company to work in a bar these days?

[Scruff]

I do, problem is my partner is a 50% shareholder and she doesn't. Lloyd's over the phone said they didn't need formal proof of address (I'm half expecting form them to ask for it anyway though).

And no. We're both Australian.

If your partner is not your wife and she doesn't actually do any fee producing work for your Company, I would seriously be concerned.

You need to speak with your Accountant and whoever advised you to make her a Shareholder, since this sounds like "Income Shifting"?

Swap my daughter's Citizenship? She is a UK Citizen living in Sydney...

[D3K]

If your partner is not your wife and she doesn't actually do any fee producing work for your Company, I would seriously be concerned.

You need to speak with your Accountant and whoever advised you to make her a Shareholder, since this sounds like "Income Shifting"?

Swap my daughter's Citizenship? She is a UK Citizen living in Sydney...

She's contracting as well, I just found a contract quicker than her. Only went the same company to save on accountancy fees.

If she wants to swap identities as well so I can use her proof of address, the citizenship aspect isn't really an issue :P

EDIT: Oh, and she's not my wife but in Australia we'd be considered de-facto since we've been together over 5 years. Don't know if the UK has something similar?

[malvolio]

I do, problem is my partner is a 50% shareholder and she doesn't. Lloyd's over the phone said they didn't need formal proof of address (I'm half expecting form them to ask for it anyway though).

And no. We're both Australian.

OK, confused now. Being a shareholder does not mean you have any responsibility for company finances, that is strictly for Directors (and Co Secs if you have one). So there is no reason for her to be involved with the company bank account.

And income shifting is between "connected persons" where you retain control of the income. Partners don't count, especially if they use their own bank account.

[Scruff]

She's contracting as well, I just found a contract quicker than her. Only went the same company to save on accountancy fees.

If she wants to swap identities as well so I can use her proof of address, the citizenship aspect isn't really an issue :P

EDIT: Oh, and she's not my wife but in Australia we'd be considered de-facto since we've been together over 5 years. Don't know if the UK has something similar?

Nope.

She needs to be your lawfully wedded wife. No such thing as Common Law Wife in the UK. Fire your Accountant and get her off your Share Register.

[BolshieBastard]

I dont think paying the money into a personal account as a director's loan would wash with the agency. As far as they're concerned, their responsibility is to pay the ltd co they are contracted with and not act as an intermediary and pay the directors (and rightly so IMHO).

There may also be questions about them acting as a managed service company if they did this.

As the director of your limited, its your responsibility to organise your co including ensuring the banking facilities are set up.