Keeping company finances private?

[northernladuk]

My considered guess having been in the situation is an ex wife, soon to be ex-wife or their lawyers.

AH right, yes we are on the same page then

[elpail]

You could go through an umbrella company, then everything will be paid into your personal account.

Ah, I should've said that it must be my company, with specific insurance cover, and so can't use an umbrella.

[elpail]

Eh? No idea what you mean by that. Anything done via LTD has to go through LTD bank and get reported on, anything personal doesn't. You can't mix the two. THey are totally separate entities.

What do you mean everything else? You doing some other business or something?

Meant I'd put this one project through the LTD business account for that client and have all other projects continue via my personal account. Is that allowed?

[cojak]

Meant I'd put this one project through the LTD business account for that client and have all other projects continue via my personal account. Is that allowed?

I’m not sure I understand this. Outside IR35 = using LTD, inside IR35 = personal account.

Do you want to go inside just to avoid nosey neighbours?

[northernladuk]

Meant I'd put this one project through the LTD business account for that client and have all other projects continue via my personal account. Is that allowed?

Ah, I should've said that it must be my company, with specific insurance cover, and so can't use an umbrella.

Sorry to be harsh but you don't have a clue what you are talking about. Both those statements are so wrong it makes my eyes bleed. It's really not even worth trying to correct you because they are both so fundamentally flawed.

Go understand what you do, what a company is, how you engage with a client and apply some very basic tax law and it will be come apparent how utterly ridiculous both those are.

The system has been around for many decades and no one has found a clever way around it. It is what it is and you have to work within the confines of that. You can't just make crap up like that and think it's got a hope of working.

Again, sorry, but they are two of the most ridiculous comments we've seen on here and you've managed to put them both in the same thread.

You should not, or ever, be allowed to work on an outside contract after reading that.

[elpail]

[...] you don't have a clue what you are talking about.

That could very well be true :-) Indulge me one more time....

Assume I'm providing the same services to all clients (all completely outside IR35):
- In May: I provide 40 hours consultancy to Client A and they pay me to my personal account
- In June. I provide 100 hours consultancy to a Client B which requires that I establish a company in order for us to transact and so I create company XYZ Ltd.
- In July: Client A comes back and requests another 40 hours consultancy.

Can I engage with Client A as before and have them make payments to my personal account? Or am I compelled to engage with Client A via my company XYZ Ltd.?

[cojak]

That could very well be true :-) Indulge me one more time....

Assume I'm providing the same services to all clients (all completely outside IR35):
- In May: I provide 40 hours consultancy to Client A and they pay me to my personal account
- In June. I provide 100 hours consultancy to a Client B which requires that I establish a company in order for us to transact and so I create company XYZ Ltd.
- In July: Client A comes back and requests another 40 hours consultancy.

Can I engage with Client A as before and have them make payments to my personal account? Or am I compelled to engage with Client A via my company XYZ Ltd.?

That would mean that you would be working for Client A as a sole trader, without assurances to the client that you’re paying the right amount of tax.

As the fee-payer, no client in their right mind would accept that.

Not sure how much more ‘indulging’ we can do…

[Guy Incognito]

I had a friend who for some reason never wanted to divulge his age.

Companies house to the rescue!

As has been said, don't let on you have a business.

[jamesbrown]

Can I engage with Client A as before and have them make payments to my personal account? Or am I compelled to engage with Client A via my company XYZ Ltd.?

Were HMRC to investigate, they would likely (correctly) consider it all part of the same trade and treat the overall income as income to your company.

As others have said, complete privacy is a fantasy as a small company director in the UK. You can mitigate what gets shared (e.g., home address), but anyone interested can poke around easily enough and with good reason.

[northernladuk]

That could very well be true :-) Indulge me one more time....

Assume I'm providing the same services to all clients (all completely outside IR35):
- In May: I provide 40 hours consultancy to Client A and they pay me to my personal account
- In June. I provide 100 hours consultancy to a Client B which requires that I establish a company in order for us to transact and so I create company XYZ Ltd.
- In July: Client A comes back and requests another 40 hours consultancy.

Can I engage with Client A as before and have them make payments to my personal account? Or am I compelled to engage with Client A via my company XYZ Ltd.?

You aren't generally compelled to do anything. There is just a right way, an inefficient way and a wrong way. These are usually driven by the options available from the client and the most tax efficient way of doing this. Is Client A paying you personally a real thing? They are offering to do this or are you just making scenarios up? Pretty unusual for clients to pay direct. Almost impossible to get a gig with an agent in the chain to pay you personally as well. Why have them pay you personally where you have to pay full tax on it when you could put through a LTD to leverage low pay high divs etc.

You will need an accountant to help you with your LTD and work your tax out with a complex payment setup like yours so speak to them about the rest of the stuff. We can't educate you on every scenario with such little detail. You need a fundamental understanding of it all to be able to put jigsaw pieces together like this.