Originally posted by archer100
- Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
- Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!
Am I on the correct path - moved
Collapse
X
-
-
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.…Maybe we ain’t that young anymore -
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.See You Next TuesdayComment
-
Originally posted by Lance View Post
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.Comment
-
Originally posted by archer100 View Post
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
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.See You Next TuesdayComment
-
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.Comment
-
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'CUK forum personality of 2011 - Winner - Yes really!!!!Comment
-
Originally posted by northernladuk View PostSpeak 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 quickComment
-
Originally posted by archer100 View Post
I am a non-resident, could I be approached as MSC case? From my understanding this is only for UK residents.
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.merely at clientco for the entertainmentComment
- Home
- News & Features
- First Timers
- IR35 / S660 / BN66
- Employee Benefit Trusts
- Agency Workers Regulations
- MSC Legislation
- Limited Companies
- Dividends
- Umbrella Company
- VAT / Flat Rate VAT
- Job News & Guides
- Money News & Guides
- Guide to Contracts
- Successful Contracting
- Contracting Overseas
- Contractor Calculators
- MVL
- Contractor Expenses
Advertisers
Contractor Services
CUK News
- Streamline Your Retirement with iSIPP: A Solution for Contractor Pensions Sep 1 09:13
- Making the most of pension lump sums: overview for contractors Sep 1 08:36
- Umbrella company tribunal cases are opening up; are your wages subject to unlawful deductions, too? Aug 31 08:38
- Contractors, relabelling 'labour' as 'services' to appear 'fully contracted out' won't dupe IR35 inspectors Aug 31 08:30
- How often does HMRC check tax returns? Aug 30 08:27
- Work-life balance as an IT contractor: 5 top tips from a tech recruiter Aug 30 08:20
- Autumn Statement 2023 tipped to prioritise mental health, in a boost for UK workplaces Aug 29 08:33
- Final reminder for contractors to respond to the umbrella consultation (closing today) Aug 29 08:09
- Top 5 most in demand cyber security contract roles Aug 25 08:38
- Changes to the right to request flexible working are incoming, but how will contractors be affected? Aug 24 08:25
Comment