Am I on the correct path - moved

[WTFH]

Hello

I am EU-resident and I am working for a UK company as contractor. I have created by UK-LTD, I have opened a business bank account with Wise and I have decided to go with Gorilla for accounting.
I have been paid my first invoices to my business account in this week.

My questions are:

1. Do you see any red flag/inefficiencies of any of the above selections-partners? Eg would it be better to go for another bank or accountant?

2. I want to withdraw some money from my business account to my personal one. Do I need to setup with my accountant and get instructions from him how to do the withdrawal or I can just transfer the money now and all the accounting stuff can be done later? I am planning to withdraw the 60% of the money, so that there will be enough left for taxes, etc I think that the best way is to get paid as dividends, but this is something that will be advised by my accountant. In any case, can I just transfer money or I need any bureaucracy to finish first?

3. Wise account can be linked with Quickbook and Xero from what I saw. Gorilla uses FreeAgent. Will there be any inconsistency between these 2 services?

Thanks in advance for your answers. I will probably come back with more questions about the next steps, as contracting looks like a long journey despite its phenomenically short character

Moved from general

[WTFH]

rik sherman

Thread moved, your post re-quoted...

3. You can set up a bank feed from Wise to FreeAgent, don't bother with Quickbook or Xero as Gorilla will look at your FreeAgent account. https://wise.com/help/articles/29780...with-freeagent


I'll let other wiser heads talk about the rest.

[Lance]

I want to withdraw some money from my business account to my personal one. Do I need to setup with my accountant and get instructions from him how to do the withdrawal or I can just transfer the money now and all the accounting stuff can be done later?

you can take the cash as a director loan and convert it to Divis later.
Just don't forget to fix it. But your accountant will tell you.

[archer100]

you can take the cash as a director loan and convert it to Divis later.
Just don't forget to fix it. But your accountant will tell you.

Thanks. How do I declare that it's a loan? Do I need to do something now, or it's something that will be declared later in my business accounting? Can I do the transfer now or I need to do it after the accounting stuff will be done first? Sorry if it sounds naive, first time in contracting

[Lance]

Thanks. How do I declare that it's a loan? Do I need to do something now, or it's something that will be declared later in my business accounting? Can I do the transfer now or I need to do it after the accounting stuff will be done first? Sorry if it sounds naive, first time in contracting

loans are declared on your company accounts, which can be submitted 9 (I think) months after year end.
Dividends are different as they need to be recorded with paperwork.
So take cash and put in the books against DLA. And the accountant will sort it out.

[jamesbrown]

Er, I would wait for your accountant. But they should not be preparing dividend paperwork for you, that is a big read flag in terms of the MSC legislation. They can, of course, explain the procedures to you.

Separately, you probably shouldn't make a director's loan unless you know what you're doing (you don't), especially if it's over £10k.

If there's a massive rush to make a payment for some reason, you should plan better.

Look at the guides over there ---->

You can't run a company unless you understand the basics.

[northernladuk]

Speak to your accountant before you do anything but you need to learn a lot more. Your accountant cannot run your company and advise what you do. You'll be in danger of getting caught by thr MSC legislation if you are letting your accountant do everything because you are clueless.

Get learning quick

[archer100]

Speak to your accountant before you do anything but you need to learn a lot more. Your accountant cannot run your company and advise what you do. You'll be in danger of getting caught by thr MSC legislation if you are letting your accountant do everything because you are clueless.

Get learning quick

I am a non-resident, could I be approached as MSC case? From my understanding this is only for UK residents.

[eek]

I am a non-resident, could I be approached as MSC case? From my understanding this is only for UK residents.

You are asking some very weird questions.

But I would say that given you created your own limited company first and are using gorilla with Freeagent you have little to worry about.

concerns would be getting your accountant to create your limited company and your accountant using their own accountancy portal.