Originally posted by oraclesmith
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Reply to: Paying divs to Company Secretary
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Previously on "Paying divs to Company Secretary"
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Originally posted by dotnetterOk yeah I see your point, I can just use the directors loan account to pay myself and pay her and get paid back.
We live together, she is the company secretary but we arn't married
There are TWO ways of going about this.
(a) As a Director you can take a loan of up to £5k from the company, which YOU need to repay at some point. You can then loan your girlfriend the money as a private arrangement, but you're still responsible for reimbursing your own company.
(b) You can declare an interim dividend and PAY yourself what you need. You need to pay out the divi to other shareholders too, if any exist. You then loan her the money as a private arrangement. You don't need to pay back the company in this case, so it's a simpler arrangement.
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Ok yeah I see your point, I can just use the directors loan account to pay myself and pay her and get paid back.
We live together, she is the company secretary but we arn't married
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Originally posted by dotnetterIf possible could you tell me why?
I cannot see the need for the loan, if you have the funds declare a dividend and keep it clean, she then owes you the money.
Alan
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Originally posted by Nixon WilliamsNot what I would advise!
Alan
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Originally posted by PAGMy accountant was also agianst paying Co secretary.
Although you're right (in my opinion) it isn't actually about paying them, it's about the company loaning them money.
Like I said, I thought this was only allowed to company Directors, up to £5k, and a Comp Sec. is not a Director. As Director the OP could take a loan from the company and then loan it to their partner, but they'd have to make sure it was paid back or they'd take on the tax burden.
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Originally posted by Nixon WilliamsNot what I would advise!
Alan
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Originally posted by dotnetterI spoke to my accountant earlier and he assured me I can write her a cheque as a loan from the company as long as the loan is repaid by her by the end of the tax year.
Alan
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I spoke to my accountant earlier and he assured me I can write her a cheque as a loan from the company as long as the loan is repaid by her by the end of the tax year.
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Originally posted by SockpuppetAFAIK placed can be hired to act as Coy Secretary. Also there is an act where the Secretary isnt needed anymore.
Alan
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Originally posted by LangkawiThanks folks.
Am glad I asked now, as its obviously more complicated than I thought.
Will proceed with my mate as Comp Sec but will forget the payment & divs idea.
Cheers,
Alan
AFAIK placed can be hired to act as Coy Secretary. Also there is an act where the Secretary isnt needed anymore.
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Originally posted by dotnetterMy limited company is run fine, I have my tax and vat money sitting there ready to pay the returns, my question was simply could I take money out and put it back?
Alan
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Who said anything about using it like a tax free piggy bank.
You do make me laugh.
My limited company is run fine, I have my tax and vat money sitting there ready to pay the returns, my question was simply could I take money out and put it back?
I don't care about paying tax on it if I have to, was just a simple inquiry, I have an accountant who I would ask about this stuff before I do anything, but he's away at the moment.
Also I've only been doing this for 6 months now, I'm still getting to grips with stuff, sorry If I sound stupid and all that
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Gulp!! I thought I was green when I started - this puts it into perspective!!
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