Get money in my Business Account, then what??

[TykeMerc]

Please help me!
I have set up a limited company and I'm the only director/employee in the company. I sent an invoice to my first customer and get paid £900 in my HSBC Business Account.

I don't know what's to do next, can I withdraw those money? Or how can I get the most benefit from tax?

Thank you very much!
BEC

Simple, I'll invoice you for the £900 then you won't have any tax or NI to pay.

I normally give new posters a sympathetic time, but this post reeks of trolling sockpuppet.

[zara_backdog]

I can understand your response given way the original poster's question was phrased, but is it really necessary to pay an accountant?

You are quite right but given the way the question was phased, he/she has not done their research so yes, they do need an accountant if only to get then started.

[Sockpuppet]

I spy a sockpuppet

Not when I was in the shower I hope.

[PM-Junkie]

Simple, I'll invoice you for the £900 then you won't have any tax or NI to pay.

I normally give new posters a sympathetic time, but this post reeks of trolling sockpuppet.

WHS. This board gets more childish by the day.

[bogeyman]

I normally give new posters a sympathetic time, but this post reeks of trolling sockpuppet.

You never know. They could just be a genuine 24-carrot idiot.

[DiscoStu]

I can understand your response given way the original poster's question was phrased, but is it really necessary to pay an accountant?

I have been through various periods without an accountant and it's not rocket science.

Most contractor's run a fairly simple business. The rules are well explained and obvious (see HRMC website).

VAT is straightforward. The only thing I can see being an issue is Capital Allowances, for those who are new to the game.

The days of 'a decent accountant will save you more that you pay them' are long gone IMHO. Not so may loopholes or wriggle-room nowadays.

If you are disciplined, numerate and are not put off by the jargon, then there's no reason why someone running a simple Ltd, partnership or sole trader outfit would need an accountant.

There are plenty of good books that explain how to run a small business and prepare accounts etc.

I'm in complete agreement with your point, it isn't that difficult, but for what it costs to get a professional to do it I'd rather save myself the hassle.

[DiscoStu]

WHS. This board gets more childish by the day.

It's been childish ever since I joined, long may it stay that way

[threaded]

It's been childish ever since I joined, long may it stay that way

WHS

[HairyArsedBloke]

Ignore all that, spend it at will, preferably using your business credit card to buy your personal stuff.*



*This may be incredibly bad advice.

Works for me, but I am not a UK company.

[BEC]

Thanks guys, could you please just give me a simple way to save the money? Either buy/exchange something or something smart and legal.

Thanks!