In light fof the financial crises, is it legal for me to move my company's cash into my personal account for a while, until it all settles down ?
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See this thread:
http://forums.contractoruk.com/accou...-awaywith.html
Legal is a big word. With clarification that small companies are covered there is no need to consider moving funds to personal accounts, potentially incurring tax laibilities in BIK etc. Spread your corporate accounts.
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If you're not too fussed about interest I suppose your company could move into cash - just get a safety deposit box and put it in there or a big bag under the bed.
(where's the tongue in cheek smiley)Comment
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As in "take a loan"? I think that's OK.Comment
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Or buy gold (seems a good idea according to one story on the BBC website).
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Thanks for the pointers. I have opened an company account with AIB and intend to put some of the retained profits there for a while. Am hoping my accountant says I can take some as a loan and move some into my own personal account too and pay it back before company tax year end. If I can, and lets say I get net interest, wonder how much of that I would have to pay the company since I would have paid tax on it already. Say I made 1K net interest on 20K capital over the next 10 months....how much of that would be reasonable to give the company on repayment of the loan. Service fee is an interesting idea. What is a reasonable service fee for all this hassle .. 1% ?Comment
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i know a few comtractors at my place who remove all cash in their company account and place it in high interest accounts, and then make it available again when CT and VAt payments are due. My account told me this is not recommended as its can be counted as a loan from the company.............
i mean how does the tax man know say if i took say £10k out and put in a high int acc for 6mths and back in business account....?Comment
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He won't. But if one day he singles you out for inspection you'll be in trouble unless you declared the loan on tax returns.Originally posted by diesel View Post
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just curious on the discussion of business banking how safe is our money in the banks accounts??as i know personal accounts are guaranteed up to £50k but what about a business account???
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Originally posted by diesel View Postjust curious on the discussion of business banking how safe is our money in the banks accounts??as i know personal accounts are guaranteed up to £50k but what about a business account???
The same.
If you are small business with less than 50 employees and a turnover of less then £6.2 million."You’re just a bad memory who doesn’t know when to go away" JRComment
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