Ltd Company - (Money)

**Crusoe101** · 7 May 2009, 12:07

Sounds like you need a new accountant

**moorfield** · 7 May 2009, 12:11

Originally posted by wasiter View Post

Now, very basic question IS THERE ANY OTHER WAY (MORE MONEY) I CAN TAKE MONEY FROM MY COMPANY ACCOUNT?

With a cashcard you can take it ALL out from a machine if you like.

If you do, use some of the cash to buy a grey mac and some sunglasses, and a new passport.

**MikeC1408** · 7 May 2009, 12:18

Originally posted by wasiter View Post

i found very annoying where i can see my money but, i can't touch it...

It's not your money it's the companies.

Originally posted by wasiter View Post

Iam not trying to cheat the HMRC to take more money iam just looking @ the options available to take the money OUT...

Take what you need, but expect to pay for the pleasure.

**Jaws** · 7 May 2009, 12:30

How can Gym membership be considered a business expense? Are you a fitness instructor?

**Pondlife** · 7 May 2009, 12:43

Originally posted by wasiter View Post

I run a LTD company and i have an accountant and he allows me to take £500 (PAYE) and £2000 (divident) and iam claiming expenses for petrol, car insurance, mobilephone, GYM and ofcourse FOOD.

Now, very basic question IS THERE ANY OTHER WAY (MORE MONEY) I CAN TAKE MONEY FROM MY COMPANY ACCOUNT?

Petrol = Ok if you have a record of business only mileage and at approved rates anything else is BIK (more tax)
Car insurance = BIK (more tax)
mobilephone = ok but only if in the company name IIRC - happy to be wrong on this one
Gym = BIK (more tax)
Food = Ok if reciepts are provided and incurred due to business travel.

**gingerjedi** · 7 May 2009, 12:58

You can take a directors loan without penalty if it's less than £5k, you need to pay it back within 9 months of tax year end to avoid paying tax on it though, so if you took 5k now you wouldn't need to pay it back till Dec 2010 though you will need to make sure you have enough funds to pay corporation tax for Dec 2009.

Been there, done that.

**AZZIK** · 7 May 2009, 13:35

Originally posted by wasiter View Post

Hi all,

I run a LTD company and i have an accountant and he allows me to take £500 (PAYE) and £2000 (divident) and iam claiming expenses for petrol, car insurance, mobilephone, GYM and ofcourse FOOD.

Now, very basic question IS THERE ANY OTHER WAY (MORE MONEY) I CAN TAKE MONEY FROM MY COMPANY ACCOUNT?

My accountant is telling me that i should pay 40% TAX for that... he is asking me to do OFFSET MORTGAGES if i have to take money out...

I still have some credit card debts to pay now the £2500 (PAYE + Divident) is not enough to pay off my bills... i found very annoying where i can see my money but, i can't touch it...

Iam not trying to cheat the HMRC to take more money iam just looking @ the options available to take the money OUT...

Any suggestions plz?

Thanks

Are you taking the p!ss?

**Dandyman** · 7 May 2009, 13:36

Where does it specify that the director's loan is for £5k max without incurring charges?? If it's over £5k, then what?

**blacjac** · 7 May 2009, 14:18

Is your first name "Time", or is your last name "Space"?

Ltd Company - (Money)