Here's one for you! | AccountingWEB

Here's one for you!

Hi all.

I'm presently employed (PAYE) but am about to start a business on my own, expected first year turnover of £70k, most of which will be profit.

The wife is presently non-earning (housewife) but i want to get her to help me out with a few thigs relating to the business.

The start up costs are negligabel (i have my clients in place) and will need to spend the first few months incomings to continue to pay the mortgate, bills, etc.

My feeling is to start up as a limited company, with me as the only shareholder/director and employing the wife. 

What is the best way to deal with the first few months incomings - can i treat them as dividend? - what are directors loan accounts?

My plan is to go see a chartered accountant but i would just like an idea of the issues before i do that.

thanks for your time



There are 7 comments. Login or register to view them.

Take the time...

cparker87 |

Agreed .....

Steve Holloway |
Steve Holloway's picture

Agreed, from personal experience

raychidell |

I want to know your business model!

JCresswellTax |
JCresswellTax's picture

Ps Correction

Mouse007 |
Mouse007's picture

Thanks all for the advice -

mbc |

PS correction query

JCresswellTax |
JCresswellTax's picture