limited company of sole trader

[Johny Walker]

So you don't pay any cash in to the bank? You may have trouble if you ever get looked at by the Tax man, he will want to know things like where the cash has come from and where it's gone, then he might be a bit curious as to is there any other cash that you have been getting and not declaring, then you have to prove him wrong not him prove you wrong.

 

CASH !!! what u talking bout willis

[hamdogg]

So you don't pay any cash in to the bank? You may have trouble if you ever get looked at by the Tax man, he will want to know things like where the cash has come from and where it's gone, then he might be a bit curious as to is there any other cash that you have been getting and not declaring, then you have to prove him wrong not him prove you wrong.

 

 

I never get paid cash!!!!! No cash at all

[daveindales]

It doesn't really matter if you pay cash into your account or not, as long as you declare it. I've never paid any in for years. I just keep it at home and declare it in my books.

[simonm]

So you don't pay any cash in to the bank? You may have trouble if you ever get looked at by the Tax man, he will want to know things like where the cash has come from and where it's gone, then he might be a bit curious as to is there any other cash that you have been getting and not declaring, then you have to prove him wrong not him prove you wrong.

 

Yes I know, it's all above board. Why get charged to pay it in to use my card to buy fuel etc or bank transfer to pay wages? We do a lot of fencing so I buy materials in cash and get paid via bank transfer. I keep s record of every job we've done with customer details payment method etc.

[Dorset Treeman]

Barclays m8 charge me if I pay cash or cheque but bank transfers are free.

 

 

Lloyds are the same with me, although they gave me first 18 months free of any charges.

[simonm]

It doesn't really matter if you pay cash into your account or not, as long as you declare it. I've never paid any in for years. I just keep it at home and declare it in my books.

 

As this man just said

 

I'm not saying I don't get paid in cash, I'm sayin I avoid paying it in to avoid charges.

[simonm]

Lloyds are the same with me, although they gave me first 18 months free of any charges.

 

I think most of em don't charge you anything for the first year or so, they let you get settled in and then the charges apply. I recon they work on the assumption that after a period of time most people can't be arsed to swap accounts and stay where they are

[gensetsteve]

I was with Barclays for about 10 years with free banking unfortunately they were completely hopeless. Last 12 years free with Santander but not sure if they still offer new customers. I can't remember ever paying charges .

[Paul Barton]

If you start a Ltd company and are the director, you can draw dividends from the company as income. You don't get taxed on dividends as the company will have already paid 20% corporation tax, so basically you save a few percent in tax.

 

Ltd companies need to supply more paperwork to HMRC (and Companies House) each year but if you have an accountant it shouldn't cause too much trouble.