I've been paying my Limited company accountants' fees via direct debt from my personal bank account for years (not via my business bank account), I've never claimed for this expense as I've been on the Flat Rate VAT scheme since day 1.
My accountant pointed out recently that my Limted Company owes me £3k or so due to the fact I've been paying the fees via the personal and not business account. Do you think my accountant is correct given that I'm on the flat VAT scheme ?
Do you think I'll be able to somehow legitmately transfer the full amount (£3K) from my business account to my personal account ? or have I missed the boat ? Also how will this payment be marked in my company accounts, as an expense of which type ??
Note : I only make payments to myself via PAYE and Dividends and never claim for any expenses so
this 3K payment can't simply be slapped onto PAYE or my dividend payments without being subjected to the full amount of tax, right ?
please advise ! (I thought I'd get advice from you guys first)
many thanks for any input.
My accountant pointed out recently that my Limted Company owes me £3k or so due to the fact I've been paying the fees via the personal and not business account. Do you think my accountant is correct given that I'm on the flat VAT scheme ?
Do you think I'll be able to somehow legitmately transfer the full amount (£3K) from my business account to my personal account ? or have I missed the boat ? Also how will this payment be marked in my company accounts, as an expense of which type ??
Note : I only make payments to myself via PAYE and Dividends and never claim for any expenses so
this 3K payment can't simply be slapped onto PAYE or my dividend payments without being subjected to the full amount of tax, right ?
please advise ! (I thought I'd get advice from you guys first)
many thanks for any input.
Comment