Originally posted by YHB
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Out of curiosity
as personal bank accounts are guaranteed to 50k and business are not, could you transfer your business funds into personal and then pay yourself a 'service fee' as it is safeguarding and managing your the business's money??
as personal bank accounts are guaranteed to 50k and business are not, could you transfer your business funds into personal and then pay yourself a 'service fee' as it is safeguarding and managing your the business's money??
It would still be personal income that you would have to declare and pay tax on.
It doesn't magically turn into free money because it is paid to you for services provided to you company, instead of for services provided to your company's client.
tim
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