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Hi

I am working as contractor with Limited Company. I am taking salary and Dividends. My Limited Company Bank Account has Over Draft Facility and i do withdraw money whenever i get paid from third paid. so it is always overdrawn. Money i've withdrawn as Dividends or Expenses apart from Salary.

I have my ILR due in January and want to show my Dividends and Salary, Can i show my Dividends when my Limited Company Account is OverDraft?

Thanks

nagaraju.ch wrote:Hi

I am working as contractor with Limited Company. I am taking salary and Dividends. My Limited Company Bank Account has Over Draft Facility and i do withdraw money whenever i get paid from third paid. so it is always overdrawn. Money i've withdrawn as Dividends or Expenses apart from Salary.

I have my ILR due in January and want to show my Dividends and Salary, Can i show my Dividends when my Limited Company Account is OverDraft?

Thanks

So what you are saying is you are spending your CT accruals and VAT accrual?

Would not like to be in your shoes when HRMC come knocking.....

Profit=Income-expenditure
Net profit=Profit - Coporation Tax

Legally and Accounting wise you can take Dividend from your net profit only.

Ta
Honey

honey2008 wrote:Profit=Income-expenditure
Net profit=Profit - Coporation Tax

Legally and Accounting wise you can take Dividend from your net profit only.

Ta
Honey

W^S..

Forget ILR, Hector is about to rip you a new anus. Be afraid, be very afraid.....

Hi Wanderer,

I am paying CT and VAT. What i was saying here i am withdrawn Overdrafts so it is alwasy OverDrawn. It doesn't mean that i am not paying CT and VAT.

Thanks

If i do maintain funds in my Business Account here after, Can i show my dividends which were taken last 5 months? Will those be accepted?

honey2008 wrote:
Profit=Income-expenditure
Net profit=Profit - Coporation Tax

Legally and Accounting wise you can take Dividend from your net profit only.

Ta
Honey


W^S..

Forget ILR, Hector is about to rip you a new anus. Be afraid, be very afraid.....

What do you mean by that??/