£50,000 in Business account or Current account???

sauli · Post by **sauli** » Sat Apr 20, 2013 8:39 pm

Can we keep £50,000 for entrepreneur visa in a Business Account or does it have to be in a Current account?? Can someone please help on this issue since my solicitor initially said i should open a business account but now after i have applied he is telling me to transfer all the money into my current account as many people are being refused because of this reason only!

KickAss · Post by **KickAss** » Sat Apr 20, 2013 9:35 pm

sauli wrote:Can we keep £50,000 for entrepreneur visa in a Business Account or does it have to be in a Current account?? Can someone please help on this issue since my solicitor initially said i should open a business account but now after i have applied he is telling me to transfer all the money into my current account as many people are being refused because of this reason only!

Correct !
I did the same and I am going to apply in few days as well.
It is mentioned in policy that we cannot keep it in business account.
This was suggested to me by Guru's in this forum as well.

tsl · Post by **tsl** » Sat Apr 20, 2013 10:56 pm

on ur personal account where it shows ur name and address.

ur solicitor is wrong

Devil27 · Post by **Devil27** » Sun Apr 21, 2013 12:25 am

The time you apply the money must be in ur Personel account Bcz only ur Personel account statement has ur name on it ...

N wid ur business account it's ur company's account remember it n while dey asked 50k on ur name not on ur company's name.. So keep in ur Personel account n you can transfer from person account to business account at the time of investment ..

Remember 1 thing once you transfer money to your business account those money will not belong to you it will be as director's loan to company or those money only belongs to ur company not you n hmrc may ask u dat y u transfer all money back in Personel account n u may end up paying tax for dat...

KickAss · Post by **KickAss** » Sun Apr 21, 2013 9:05 am

Devil27 wrote:The time you apply the money must be in ur Personel account Bcz only ur Personel account statement has ur name on it ...

N wid ur business account it's ur company's account remember it n while dey asked 50k on ur name not on ur company's name.. So keep in ur Personel account n you can transfer from person account to business account at the time of investment ..

Remember 1 thing once you transfer money to your business account those money will not belong to you it will be as director's loan to company or those money only belongs to ur company not you n hmrc may ask u dat y u transfer all money back in Personel account n u may end up paying tax for dat...

Agreed with what you said except last point in bold.
I had a long discussion with my accountant and he said as long as you return the money back before you file your end of financial year that is fine. and HMRC dont keep a track of bank transactions. they just want all the corp tax, VAT , expenses etc to be legit.
You can never Tx money directly to your accounts and spend it .. unless you declare it as dividend or its a valid company expense.
So to cut short, My opinion is that I can transfer money to my personal account and then once I get my visa move the entire money with any interest back in company's bank account.
Correct me if I am wrong !

Devil27 · Post by **Devil27** » Sun Apr 21, 2013 10:21 am

Listen mate.!! Once d money is in business account dat doesn't belong to u..
U can't take as a loan from business account to Personel account n return wid interest.. If you do dat then dat money will count as your company's profit n h hv to pay tax...
N if u transfer 50k as a dividend den also u hv to pay tax on it..

Let me know if I am wrong..

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£50,000 in Business account or Current account???

£50,000 in Business account or Current account???

Re: £50,000 in Business account or Current account???