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Getting Cash Out Of LTD Company

I own 2 limited companies with a few questions about extracting cash

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Hi All!

So, I work full-time employed and run a limited company on the side (BlackDragon IT Services Limited). I also am starting to put personal cash into a company called JJT Investments Limited which will then invest that money into P-2-P lending etc.

My question is, I want to start managing all the accounts myself etc and I wanted to know, what is the best way for me a) to pull cash from a limited company into my personal bank account b) what is the best way for me to transition cash between the 2 limited companies?

 

Many Thanks! :)

Replies (12)

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By KevinMcC
11th Jun 2018 16:20

Tell you what, my home broadband is running slow and I need a website done for me, but I can't be ar5ed paying for it.

If you sort these out for me then I'll give you an answer for nothing.

PS. I think your surname describes you to a tee.

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blue
By mg200
11th Jun 2018 16:30

I normally use online banking and make an electronic bank transfers. It's free and instant thanks to Faster Payments.

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By ireallyshouldknowthisbut
11th Jun 2018 16:41

Well mr Toole, as a 20 years old here is some friendly advice:
1. Dont post detailed personal information on a public form
2. If your business is big enough to have two limited companies (one of which you don't seem to own) then you are big enough to get an accountant.

Or you can fudge about on your own for a bit, and be a nice little earner for someone to sort the mess you are probably building for yourself. Our "idiot in a mess with a limited company" rates are around 2-3 times our normal rates for people who do stuff right the first time as it can be very time consuming to sort out the mess.

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By Tim Vane
11th Jun 2018 16:40

Most bank accounts now will come with an App. If you get a phone with fingerprint recognition you can transfer money between your accounts in just a few seconds. Just make sure you get the app for each of the different accounts and you are sorted.

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By Accountant A
11th Jun 2018 18:38

Having checked, I can confirm that you do not run BlackDragon IT Services Limited.

These details are quite important when running a business. I suggest that you engage an accountant before you really mess things up.

JJT Investments Limited was a company wound up by HMRC in 2013 so you might want to think of a different name for that one.

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By marting
11th Jun 2018 20:59

looking at CH website the OP
currently has two companies
ZINGO UK LIMITED incorporated in March 2017 which now has a Final Gazette notice and BLACKDRAGON IT & MEDIA LIMITED incorporated in April 2018.

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Replying to marting:
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By Accountant A
11th Jun 2018 21:31

My mistake!

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Replying to marting:
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By Accountant A
11th Jun 2018 21:55

marting wrote:

ZINGO UK LIMITED incorporated in March 2017 which now has a Final Gazette notice

Zingo UK Limited never filed accounts despite the DS01 suggesting that the company did, at some stage, have some income.

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By marting
11th Jun 2018 21:40

even OP doesnt seem to know what his company is called :)

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By blox
12th Jun 2018 01:30

He is still a teenager and came here for a friendly advice.

What he got is a bunch of sarcastic answers.

There was much nicer way to tell him not to post his details and that the best is to engage the accountant.

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Replying to blox:
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By Tax Dragon
12th Jun 2018 06:48

Aweb does seem to 'present' in a fairly hostile way on a fairly regular basis. I imagine I for one do little to help with that.

Could be partly we're all busy doing paid work (during which we use up our curtsey - leaving only curtness for here). Could be we're all busy doing paid work (and anything posted here is already out of the goodness of our hearts). Could be we're all busy doing paid work (and this is a little light relief).

Probably varies for each of us from day to day.

This kind of forum is likely to lead to these outcomes. Others do it better.

But I agree your sentiment and hope the OP can sift the good advice from what has been said, however brusque the saying. (Those that respond deserve to be cut some slack too.)

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Francois
By Francois Badenhorst
12th Jun 2018 15:32

I'm closing this thread. Everyone please cool it.

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