Business money

[Sockpuppet]

So say you have a ltd company bank account. You can transfer money via salary and/or dividend to your own personal account. But what if you want to put aside some money things like the tax bill and unforseen payments? Can you transfer money form the company to another (different) personal account? Or are you best just taking a bigger pay packet and then putting some aside from that account?

Did you not get the main theme of this thread which was DONT TAKE COMPANY MONEY AND PUT IT INTO A PERSONAL ACCOUNT.

If you really want to do that get a second company account or a company savings account.

[DanTheMan]

Yeah, company business only.

[boredsenseless]

It's really simple

Money in company account belongs to company, money in your account belongs to you.

Money moving from company account to your account has a tax implication and it needs to be paid - paying it back isn't an option unless it falls within the 5K loan amount.

I know it seems pedantic but it could be seen as fraud if this wasn't in place for instance if you wanted a mortgage and needed to prove that the funds where available to pay it off if the needs arose. If you transferred your companies entire balance into your account for that week the bank would assume you had the dosh when in fact you don't and if you ever wanted it it would be worth considerably less after tax.

However if he is self-employed he is able to store money in personal savings accounts because he deosn't operate through a company so its his money anyway.

[Darren@UptonAccountants]

Bank Account

Get a business reserve account to keep the money in the company allbeit at a higher interest rate. I'm assuming your talking about Corp Tax bill and unforseen business costs and NOT your self assesment or personal costs.

Yep, business reserve account only.....might as well have an ING or other similar online account for the personal stuff.

[Pondlife]

Yep, business reserve account only.....might as well have an ING or other similar online account for the personal stuff.

I use abbey for both which means I can move the money between immediately and it's a reasonable rate on the reserve account.