First payments to my LTD Company?

[backagain]

If you need money and dont know what to take out, just draw your expenses (assumming that you know what to expense and you have added them all up). This should cover your bills?

Also as soon as you can, move all your regular business expenses (like mobile phone) to take money direct from your business bank account (change the Direct Debits). Then you dont need to keep paying yourself back.

I am just starting out (again); not sure what to pay myself but one of the punters here might give you an idea what to pay yourself for National Minimum Wage (which would be a good place to start until you decide how much to pay yourself).

[Devlin]

Your salary is agreed between your company and yourself. It must be in excess of the legal minimum wage.

There is no legal requirement for a director of a limited company to pay themselves the minimum wage.

[xoggoth]

If you have only just started I wouldn't bother about it too much. CT is not due for almost two years and PAYE, even if caught by IR35, for over eight months. He wont' be away that long presumabably.

[Dr. Nick Riviera]

Your salary is agreed between your company and yourself. It must be in excess of the legal minimum wage. You must draw this into your bank personal account at a regular interval.
Your dividend is all other payments from your company to yourself not including expenses.

[Gahoo]

Is it a dividend or salary? Doesn't sound like you know, so perhaps you should wait for your accountant.

You can't just spend it all on sweets.

LOL, I know but I have bills to pay!

I'll try ringing him :-)

[VectraMan]

Is it a dividend or salary? Doesn't sound like you know, so perhaps you should wait for your accountant.

You can't just spend it all on sweets.

[TheFaQQer]

Thanks guys, my accountant is on holiday at the moment so I'm a bit stuck. If I just draw out half for now so I have something then I should be ok!

Or, should I leave it until the accountant gets back?

Depends on how long he is away for, and how much you need the money!

I'd leave it until he comes back, but I don't know the answer to either of these questions.

[Gahoo]

Apologise if I ask silly questions, I always make sure I 100% understand something, if that requires a silly question then I'll ask lol!

[Gahoo]

Thanks guys, my accountant is on holiday at the moment so I'm a bit stuck. If I just draw out half for now so I have something then I should be ok!

Or, should I leave it until the accountant gets back?

[Bluebird]

you need to understand how much you can take as Wages, Dividends & Expenses - the rest needs to be left there [ to cover PAYE, CT & VAT at a later date ].

You should also make seperate transfers from your Bus A/c to your Personal A/c for each of the Salary, Dividends & Expenses.

Also don't forget that for wages - you need to ensure you've kept enough for PAYE [ IT & 2xNI ]

For dividends you need Minutes & Tax Vouchers

and for Expenses you need to keep all reciepts.

But of course your accountant told you all this anyway......

[Sockpuppet]

Nope you can take it all out and in as and when you like.

[Gahoo]

Hello all, first post here.

I have recently set up a Limited Company and have been paid into my company account. My account is set up online and I noticed I can transfer money from my business account to my current account.

Can I draw money from the account as and when I like or do I have to wait for my accountant to tell me how much I can pay myself.