Reply to: Limited company payment

[TheCyclingProgrammer]

I've worked as a sole trader for two yrs into personal account "listen"and now they are supposed to be putting into my ltd company acc but they still put into my personal don't matter...ASB thanks! you got what I was saying ....thanks any everyone [emoji475]🏻

In short whatever they mistakenly paid into your personal account should be treated as a directors loan. You'll need to repay it. Get an accountant.

[northernladuk]

And get yourself a good accountant...quickly.

[stek]

Basically they've been paying me into my personal account for nearly two yrs
And yes they have my company detail I've account details...too late to put it back into business acc,Mrs has spent it lol

Then you are in deep hole....

[tdb carpentry ltd]

I've worked as a sole trader for two yrs into personal account "listen"and now they are supposed to be putting into my ltd company acc but they still put into my personal don't matter...ASB thanks! you got what I was saying ....thanks any everyone [emoji475]🏻

[unemployed]

It's a fantastic way to get a nightly reaming from your convicted killer cell mate.

Surely the forensic accountant's are not up on this.

Are there such a thing a personal account numbers like car registration numbers?

One digit out and it ends up in the personal a/c

Tax is such a pain

[northernladuk]

Surely this is a fantastic way to contact??

Start Ltd company but show personal bank details

Ltd company gets dissolved for not submitting accounts
In First year

It's a fantastic way to get a nightly reaming from your convicted killer cell mate.

[unemployed]

Surely this is a fantastic way to contact??

Start Ltd company but show personal bank details

Ltd company gets dissolved for not submitting accounts
In First year

[northernladuk]

Well that certainly makes sense. Would have been nice for the OP to mention that first.

Time to get a good accountant and start off properly now.

[TheCyclingProgrammer]

OP says they recently started a company.

Sounds like they were operating as a sole trader, recently started a Ltd and their client hasn't updated the payment details.

[northernladuk]

You ask this after two years?

Gotta be a troll. No one can be this stupid.

[ASB]

Basically they've been paying me into my personal account for nearly two yrs
And yes they have my company detail I've account details...too late to put it back into business acc,Mrs has spent it lol

Basically then you have a loan for the amount received. There are potential taxation issues etc.

I am somewhat surprised that your accountants didn't mention it since you must have had a year end set of accounts done in that period. Or have you done your own accounts. If you have then I suspect they are a bit of a mess.

Or have you been running the ltd finances, paying its bills etc from the personal account. In which case it is likely still a mess.

edit: I'm assuming you are not iusing an umbrella company who are paying you net income. In which case it isn't likely to be a mess (unless it is a "scheme").

[DallasDad]

Basically they've been paying me into my personal account for nearly two yrs
And yes they have my company detail I've account details...too late to put it back into business acc,Mrs has spent it lol

Eeeeeeeeeeeeeeek!

Followed by that sounds a bit Fubar!
Seriously what does your accountant say!

[DallasDad]

Hi I recently started a limited company and I have discovered I can keep all the money by diverting it straight to my personal current account is that the norm ....?

FTFY

[tdb carpentry ltd]

But thanks for the info anyway 🤑

[tdb carpentry ltd]

Basically they've been paying me into my personal account for nearly two yrs
And yes they have my company detail I've account details...too late to put it back into business acc,Mrs has spent it lol