Reply to: Get money in my Business Account, then what??

[TheFaQQer]

You say the nicest things, DS.

Get a room!

Preferably not at the Travel Tavern at Chievely services, though, by all accounts.

[DiscoStu]

You say the nicest things, DS.

[cojak]

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

You say the nicest things, DS.

[Paddy]

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

Do what all good contractors do.
Take the cash out and go down the casino and play blackjack and roulette. Keep back £100 for emergency use so you can pop into the massage parlour on the way home.

When the tax bills come in borrow from your credit card.

[pmeswani]

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

Just out of interest.... are you invoicing weekly or monthly? If monthly, is it really worth having a Ltd Company for £6 an hour? You should have gone Umbrella and save yourself the hassle.

Have you registered for PAYE? What about VAT? If the £900 is a monthly invoice amount and includes VAT, then your hourly rate is shocking and below minimum wage... If it is weekly.... again I refer to my original point about whether you should be with an Umbrella.

Speak to an accountant and get your company in order and get a plan sorted out.

[chris79]

Post in the accounting/legal section of this board and ask recommendations for an accountant.. it will cost you anything between ~£70-140? a month and they will process a payroll for you or get the money out through other means such as dividends.

There's a whole host of other things you need to be doing with your limited company and if you are asking basic questions like this then an accountant is your only hope to get it right.

[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!

[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.

[threaded]

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

WHS

[DiscoStu]

WHS. This board gets more childish by the day.

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

[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.

[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.

[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.

[Sockpuppet]

I spy a sockpuppet

Not when I was in the shower I hope.

[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.