Moving cash into bank

[marlowswindows]

Is it allowed by hmrc for me to pay any cash taken into my personal account then.move it straight Iver into my business account.

I'm a Ltd company.

It will save me around £60 per year.

Tia

 

[ched999uk]

As far as I am aware HMRC just care about what income you have and what expenditure you have.
Then again I'm not an accountant!!!

 

[Part Timer]

We just use cash to pay for diesel and wages

 

[JohnDoeWindows]

I'm not sure but I'd imagine you'd be opening a can of worms for yourself as they'd then want to see statements for your personal account and you'll have to explain what's what in there.

 

[Jaygti]

Don’t bother, just spend it. As long as you declare it , nobody will care.

 

[danzlfc]

Yes but put it in a separate personal account that you only use for this purpose, not one that you actually use for personal use, even if it means you have to set up a new personal account, it’s then very quick and simple for your accountant or doing your books etc

 

[Crystalalan]

Yes its fine. I`ve been doing it for years. As long as you declare it, thats all that matters

 

[marlowswindows]

Don’t bother, just spend it. As long as you declare it , nobody will care.

It won't be like that

Yes its fine. I`ve been doing it for years. As long as you declare it, thats all that matters

Thanks all. And that's defo for a limited company?

Whilst where on it can I pay my dividends monthly instead of a lump sum? I know where not Accountants but windies.

 

[Crystalalan]

It won't be like that

Thanks all. And that's defo for a limited company?

Whilst where on it can I pay my dividends monthly instead of a lump sum? I know where not Accountants but windies.

oh sorry mate didn`t read the question properly. I`m a sole trader. It could be different for you as a limited company but I`m pretty sure it will be fine. If in doubt check with the an accountant or the HMRC.

 

[Part Timer]

It won't be like that

Thanks all. And that's defo for a limited company?

Whilst where on it can I pay my dividends monthly instead of a lump sum? I know where not Accountants but windies.

Trouble with monthly dividends is HMRC will probably say you're evading NI by doing it this way. We were advised to take quarterly dividends to stop any potential danger.