My Last Contact Double Paid Me...Now They Want It Back!

[Sockpuppet]

My advice is get used to doing your accounts at least once per month, and maybe every monday. Including bank reconcilliation.

Then you won't make incredulous statements like "I spent £7,000 and didn't realise I had it".

The first thing my accountant said to me - is that you can't just take money out of the company and use it as a personal savings account, you have to make sure you have worked out your profits and paid HMRC first, or you could end up in prison.

If you've taken £7,000 out without knowing where it has come from, you should be struck off the list at companies house if you are that bad at accounting.

I'm normally the most helpful of people, but this is beyond me (who blew my divorce settlement in a year, but at least was aware of what it was being spent on and where it came from).

He's a Umbrella / Private account so no Ltd was involved. Thankfully. Otherwise the VAT man would have been pissing himself like an over excited dog over this one.

[speling bee]

My advice is get used to doing your accounts at least once per month, and maybe every monday. Including bank reconcilliation.

Then you won't make incredulous statements like "I spent £7,000 and didn't realise I had it".

The first thing my accountant said to me - is that you can't just take money out of the company and use it as a personal savings account, you have to make sure you have worked out your profits and paid HMRC first, or you could end up in prison.

If you've taken £7,000 out without knowing where it has come from, you should be struck off the list at companies house if you are that bad at accounting.

I'm normally the most helpful of people, but this is beyond me (who blew my divorce settlement in a year, but at least was aware of what it was being spent on and where it came from).

Good advice, but remember the OP is through a brolly.

[speling bee]

Don't pay it back.

I have no legal basis for this comment whatsoever. But I assumed it was the advice you wanted to hear.

Make sure you get your £700 for the advice.

Twice.

[BrilloPad]

Make sure you get your £700 for the advice.

Twice.

Sorry I only get £500. Only NLUK can command that sort of rate.

[Gordon Ice]

Running a business.. abc's

Point 1 - Give it back it's not yours. Keep it and you are stealing, plus how would you feel if the roles were reversed?

Point 2 - I balance my Books every month (i.e. like well run businesses do) and would spot an overpayment immediately; me thinks its time to look at how you operate.. you are accountable remember..

[IR35FanClub]

He's a Umbrella / Private account so no Ltd was involved. Thankfully. Otherwise the VAT man would have been pissing himself like an over excited dog over this one.

Ah. I forgive him then.

Still, how can you not notice £7,000! I mean £700 extra would slip through the net. Well actually no it wouldn't - as I check my bank statement every month to make sure some scumbag hasn't cloned my card details and swiped £7 out my account hoping I dont query it. Have only ever found 2 cases where money was taken - but it does happen! 1 was via an app purchase with apple which I didn't authorise... apple refunded it as they could see that it hadn't originated from any of my devices and another was a double DD for a phone contract. I'm sure I'd notice a credit for £7,000. but I wouldn't spend it, I'd keep quiet and leave it in a high interest account for 7 years and then buy meself something with an engine ;-) That way - when the person who accidentally gave it me, comes asking I won't think, oh carp, not a fish, now what do I do. I just bought a 3D projector, 11.1 sound system and layzboy sofa fridge.

Actually - I've done this the other way round. Barclays online banking used to default the payee to the frist person in your contacts. I was doing my accounts late a night once and stupidly sent my salary to HMRC (as H comes before my name). Thankfully they've now changed it so there's no default payee! At least HMRC didn't come on the forum for advice saying - do we need to pay contractors back if they mistakenly pay us too much money? LOL Did take about 3 weeks IIRC correctly as I had to sent them a paper letter with a stamp and everything!

[jmo21]

This is a troll shirley?!?

Anyway, this situation has only happened to me once, last month in fact and for a sizeable amount.

About 2 weeks after my invoice was paid, I received a second payment remittance in the post, and a couple of days later, a second payment arrived in my company account.

Needless to say, as soon as I spotted it, I emailed my client contact to notify him and ask for the preferred way to pay him back.

There is no other answer.

[jmo21]

He's a Umbrella / Private account so no Ltd was involved. Thankfully. Otherwise the VAT man would have been pissing himself like an over excited dog over this one.

It's actually worse/less believable - I could almost, maybe, possibly believe OP didn't notice if this was to a business account, but to a personal account?

[northernladuk]

He's a Umbrella / Private account so no Ltd was involved. Thankfully. Otherwise the VAT man would have been pissing himself like an over excited dog over this one.

He still isn't out of the woods as the 7k to his personal account is undeclared income so commiting tax evasion. Not as scary as the VAT man but still, not something to take lightly.

[captainham]

It's actually worse/less believable - I could almost, maybe, possibly believe OP didn't notice if this was to a business account, but to a personal account?

Good point...I'd have been all over that like a fly on a freshly-laid cable.