Taking money I loaned my company back out

[WordIsBond]

if I only have an average of 3 gigs per month...?

Are you an IT contractor or some other kind of contractor?

How much income a month are we talking here? How much in expenses?

On its face you should be able to do this no problem, but on its face you should have never been told to put £8K in, so on the chance that the accountant who advised you wasn't a complete idiot, it would be nice to know a little more about this before saying, 'Oh, yeah, take the money out.'

Maybe he was an idiot but maybe there's a reason that we haven't been told, and this 'three gigs a month' thing makes me think there's more to this story....

[Chatterbox]

Erm - don't over complicate matters.

Quite possibly! But I've never run a business and a lot of this is still freaking me out a bit. I've had stories in my friends circles that are horrendous, and only cause by small oversights. I think once I've been through a full cycle of the financial year I will hopefully be fine.

[WTFH]

If you look on the right hand side of the forum you'll see links to contractor accountants. Companies such as InTouch and Dolan (who are on that page) also post on here, and you can have a chat to them.
Getting a good accountant will make your first year end easy, but remember that an accountant is going to cost you money, expect it to be around £100-120 per month.

[Chatterbox]

Are you an IT contractor or some other kind of contractor?

How much income a month are we talking here? How much in expenses?

On its face you should be able to do this no problem, but on its face you should have never been told to put £8K in, so on the chance that the accountant who advised you wasn't a complete idiot, it would be nice to know a little more about this before saying, 'Oh, yeah, take the money out.'

Maybe he was an idiot but maybe there's a reason that we haven't been told, and this 'three gigs a month' thing makes me think there's more to this story....

I am sort of an IT contractor, I advise people on interactive software design...UX, monetisation, that kind of thing. Usually these projects last between 5 and 10 days, so that's why it's 3 gigs per month. I'm not yet sure about income and expenses (started trading a month ago), but I reckon it should be about 6k gross a month.

My accountant told me to put the money in so I wouldn't run into any insolvency issues, to be sure, and be prepared for unexpected costs (flights, hotels etc). Might have been my own fault, because I was definitely a bit nervous.

He said he could advise me on my personal tax (I'm resident in Portugal, not UK), but then pedalled back on it after saying a lot of general things like "Oh, I have non-resident directors in poland, they're all fine, and such", and wanting me to commit to a monthly contract. He was a recommendation from a friend, none the less, but they have quit him since too. :/

[Lance]

Quite possibly! But I've never run a business and a lot of this is still freaking me out a bit. I've had stories in my friends circles that are horrendous, and only cause by small oversights. I think once I've been through a full cycle of the financial year I will hopefully not end up going to prison

ftfy


It's kind of important you learn. You clearly need professional advice. You can't just wing this like other areas of life.

[Lance]

My accountant told me to put the money in so I wouldn't run into any insolvency issues, to be sure, and be prepared for unexpected costs (flights, hotels etc). Might have been my own fault, because I was definitely a bit nervous.

you could pay for all that personally and then submit expenses to the company. The company only needs cash to pay it's liabilities that aren't to you.

He said he could advise me on my personal tax (I'm resident in Portugal, not UK), but then pedalled back on it after saying a lot of general things like "Oh, I have non-resident directors in poland, they're all fine, and such", and wanting me to commit to a monthly contract. He was a recommendation from a friend, none the less, but they have quit him since too. :/

get professional advice. Portugal isn't the UK so there are plenty of things to worry about.
In fact you might be able to take dividends without paying any tax at all in Portugal, but again you need professional advice unless you want to really screw it up.

[northernladuk]

You could give up hookers and coke so you wouldn't need the 3k.

[Chatterbox]

You could give up hookers and coke so you wouldn't need the 3k.

Or I could give up my health insurance and my trip to my girlfriend who is still stuck in Oz.

However, once I do acquire a sustainable hookers and coke habit, I'll let you know so we can party.