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[UK] Moving form personal bank account to Business bank account - So confused

by thessj
3 replies
Hi there,

I just registered my Ebay/Amazon business as a ltd company (on the advice if i get sued then they can only sue the company, not myself personally)

I am listed as a director of the company,
I want to move move money from my personal account to fund my business, does anyone know where to start?

I read I have to declare money put into a business account as a personal loan to the company.
All of my money is between a personal account and a paypal account (Which might screw up accounting)

Any advice would be greatly appreciated.

Thanks
#account #bank #business #confused #form #moving #personal
  • Profile picture of the author TheGMa
    Open your local business directory and find an accountant just down the street.

    Take everything to the accountant and he/she will explain how to ledger your transactions.

    Yes, you are making a loan to the company which is listed under start up and accounts payable, meaning the company has to pay you back either in increments or you can keep it as a payable against your profits when you file taxes.

    Same with your salary. If you reinvest it in the company, then it becomes an account payable on the company ledger and an account receivable on your personal ledger.

    And believe me when I tell you this - you should always keep a personal ledger and run yourself like a business. It will go a long way toward keeping yourself out of financial trouble.
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  • Profile picture of the author shoriful97
    Find an accountant.. That is the only way to go..
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  • Profile picture of the author YourGoToWriter
    You should start looking for an accountant by now. It's not that easy to handle all the tasks you have on hand, especially because you're dealing with money.
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