When I first incorporated my limited company, like many, I didn't have a clue what I was doing or the responsibilities that lay with me...
I was being paid by a customer of mine with 20% deductions for CIS but into my personal bank as I didn't know that I had to use a business account and was paying the lads working for me as what I thought was sole trader but essentially was just a bank transfer from me to them so cash in hand so to speak.. Fast forward a year or so and my company is now operating properly in terms of business accounts and paying workers. I've only recently found out as I am being paid CIS again that I actually claim the 20% back less what I have deducted from workers.
Is it worth me trying to claim back the money that was deducted from going into my personal bank account or will this open a huge can of worms for me? The ammount is around £20k so would be useful to my business if i could claim this back without putting what I did on the radar, but not worth risking my business for obviously.
Any advice would be hugely appreciated...Thanks in Advance