• Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
  • Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!

Paying Company Money into a Personal Account

Collapse
X
  •  
  • Filter
  • Time
  • Show
Clear All
new posts

    #21
    Originally posted by D3K View Post
    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)

    Comment


      #22
      Originally posted by sal View Post
      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.

      Comment


        #23
        Do you have proof of address now?

        Are you an EU Citizen?
        I was an IPSE Consultative Council Member, until the BoD abolished it. I am not an IPSE Member, since they have no longer have any relevance to me, as an IT Contractor. Read my lips...I recommend QDOS for ALL your Insurance requirements (Contact me for a referral code).

        Comment


          #24
          Originally posted by Scruff View Post
          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.

          Comment


            #25
            Do you need a limited company to work in a bar these days?

            Best Forum Advisor 2014
            Work in the public sector? You can read my FAQ here
            Click here to get 15% off your first year's IPSE membership

            Comment


              #26
              Originally posted by D3K View Post
              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...
              I was an IPSE Consultative Council Member, until the BoD abolished it. I am not an IPSE Member, since they have no longer have any relevance to me, as an IT Contractor. Read my lips...I recommend QDOS for ALL your Insurance requirements (Contact me for a referral code).

              Comment


                #27
                Originally posted by Scruff View Post
                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?

                Comment


                  #28
                  Originally posted by D3K View Post
                  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.
                  Blog? What blog...?

                  Comment


                    #29
                    Originally posted by D3K View Post
                    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.
                    I was an IPSE Consultative Council Member, until the BoD abolished it. I am not an IPSE Member, since they have no longer have any relevance to me, as an IT Contractor. Read my lips...I recommend QDOS for ALL your Insurance requirements (Contact me for a referral code).

                    Comment


                      #30
                      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.
                      I couldn't give two fornicators! Yes, really!

                      Comment

                      Working...
                      X