Barclays have f*cked up...help required

[Ketchup]

With all due respect: you need to DYOR if you're going to run your own business.

I assumed an accountant would know these things, after all it is what they are paid for.

[JamJarST]

Is that a really bad idea then? Think i need a new accountant!

How is this your accountants fault?? Check at least one of your back accounts at least once in 3 months!!!

[Craig@Clarity]

Simple as that, really? What about my loan question the other day: if I needed to take out a random amount, say £20,000, why wouldn't I just take it out and repay it 6 months later but without interest, i.e. because it was a 'mistake', a fat-finger slip perhaps, that I didn't notice for several months?

Just wondering is all....

Since you've broadcasted it, it's unlikely to be acceptable. I'm just taking it on face value that it was a dividend paid in error rather than a "dividend paid in error".

Take another example, if you held shares in British Telecom and they gave you a dividend once a quarter, but then you received 2 extra payments without any dividend documents because they genuinely messed up with their BACS (or whatever) payments. You'd be expected to repay the money back as it was a genuine payment error. You wouldn't be expected to repay them back with loan interest.

[Sally@InTouch]

Is that a really bad idea then? Think i need a new accountant!

What a sound idea!

[Ketchup]

How is this your accountants fault?? Check at least one of your back accounts at least once in 3 months!!!

Not that i didnt check my accounts, that they advised me to take 2500 every month in dividends

[JamJarST]

Not that i didnt check my accounts, that they advised me to take 2500 every month in dividends

Rubbish I don't believe that at all, you told them you needed a certain income every month and the told you how to do it with salary and dividend, did they tell you to stop looking at your bank account like a pillock?

[TestMangler]

With all due respect: you need to DYOR if you're going to run your own business.

Wrong login NLUK

[Ketchup]

Rubbish I don't believe that at all, you told them you needed a certain income every month and the told you how to do it with salary and dividend, did they tell you to stop looking at your bank account like a pillock?

Thats not the issue, i acknowledge i should have checked my account and hold my hands up to that. When i went to see the accountant, i told him i wanted to minimize the tax i pay, he said i could pay myself 675 a month salary, 2500 a month dividend and claim legitimate expenses. Why would i question what an accountant says?

[FiveTimes]

I'm wincing at the standing order payment each month. Dividends are a reward for your investment from the profit, best varied the amount a little if possible. They could look like a disguised salary in my humble opinion.

Would it make any difference if the op made quarterly payments of £7.5k ?

[Sally@InTouch]

Where's NLUK when you need him? Let me step in!

A standing order, to pay a dividend, same amount every month ...

Contractor's tend to structure their remuneration with a low salary, i.e £7,500, £8,100, £12,000 or whatever else, then top up the monthly income with a dividend.
Hector could look at from the angle that the salary is below market rate, which it clearly is, and then deem regular, same amount dividends as disguised salary.
In an ideal world, take differing amounts of dividend as infrequently as possible, and don't make them payable by standing order as that is proof that they are regular payments.

...just my opinion, be nice to hear the other accountants view!