I've been paying my accountants' fees via personal bank account not business account.

[sbakoola]

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.

[SueEllen]

If you don't trust your accountant to give you the right advice then find another one. Much better than asking random people on an internet forum.

[worzelGummidge]

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.
That is a bit silly.

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 ?
Probably correct if you have been paying the fees personally.

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 ??
Ask your accountant.

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 ?
If you have valid expenses then whay are you not claiming?
Ask your accountant.

please advise ! (I thought I'd get advice from you guys first)
Ask your accountant.

many thanks for any input.

See text above in Orange. Ooh what a fab colour!

[sbakoola]

If you don't trust your accountant to give you the right advice then find another one. Much better than asking random people on an internet forum.

I do trust my accountant but accountants don't tell you everything there is to know.

[ASB]

I do trust my accountant but accountants don't tell you everything there is to know.

Very true, but perhaps when he told you the company owed you 3k you could have just said "Well how do I do that then".

There are may ways you could achieve it, how may partially depend upon how your account has treated it in the books. It may or may not be a creditor (you) and accounted for. In any event the easiest way for you to deal with it:-

1/ Knock up an expense claim of sorts. Doesn't matter what it is, just needs the total and a few words on it.
2/ Write yourself a cheque (or transfer the money) from your business account to you personal account.

What I can't for the life of me follow is why the DD is coming out of your personal account. Can you not just change it to the business account?

[Wanderer]

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 ??

It's something that the company should have paid for so they re-reimburse you. The company owes you 3k so your LTD either writes you a cheque for 3k or does a bank transfer direct to your account. Your accountant will enter it into your accounts as accountant's fees.

It's really as simple as that.

[sbakoola]

It's something that the company should have paid for so they re-reimburse you. The company owes you 3k so your LTD either writes you a cheque for 3k or does a bank transfer direct to your account. Your accountant will enter it into your accounts as accountant's fees.

It's really as simple as that.

yay ! that's the answer I was looking for !! Now I'll double check with my accountant tomorrow.

[SueEllen]

Some posters........................