Time to own up

[Sysman]

As I thought, everyone is going by the book and it was just a bit of scaremongering.

For long enough it was the other way around, where the business owed me money for the car, computer and office gubbins I put in at the start.

[NotAllThere]

Just goes to show that most contractors are doing it properly. But every now and then we do get posts from people who've declared dividends and didn't have the profit to cover it, and from people with huge loan accounts and no way of paying them off. So it certainly isn't unheard of for people to not understand the difference between their money and their company's money.

I used to do a P&L statement before declaring a divvy, just to show that the profit really was there when I declared it.

[Gonzo]

As I thought, everyone is going by the book and it was just a bit of scaremongering.

[HairyArsedBloke]

Andyw's mum does my bookkeeping - that way all my bit's are kept clean.



None of this matters to me. Special message for Hector:

[Gonzo]

From the CUK news it seems that the Inland Revenue have noticed that people have been making withdrawals from their Limited Companies that are not within the rules.

Taxman aware of sharp rise in illegal dividends :: Contractor UK

So, who is going to own up?

Poll to follow (When I say own up, I don't really mean that I am going to make the poll public or anything, I'm just looking for a feel for the scale of the issue).