Hi all. Just enquirer about the process to do this here. I have read up a bit about the Gross/Net dividend, board meeting minutes, dividend voucher etc. Also about illegal dividends. I have received first payment from client.
So my question is, once I have determined that the dividend is 'legal' (i.e. coming from profits after any VAT/Corporation tax liabilities etc), what is the procedure of actually effecting the payment? Can I just transfer the net dividend amount from business account to personal account and deal with the paperwork with my accountant in the coming days? Or should the paperwork etc all be in order and completed first?
I am reluctant to just transfer any money from business account to personal account but is this reluctance unnecessary if I am aware of the main potential liabilities from the companies perspective?
So my question is, once I have determined that the dividend is 'legal' (i.e. coming from profits after any VAT/Corporation tax liabilities etc), what is the procedure of actually effecting the payment? Can I just transfer the net dividend amount from business account to personal account and deal with the paperwork with my accountant in the coming days? Or should the paperwork etc all be in order and completed first?
I am reluctant to just transfer any money from business account to personal account but is this reluctance unnecessary if I am aware of the main potential liabilities from the companies perspective?
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