I have just spoken to a potential new client after reviewing her current management accounts. I picked up on a large spend on subscriptions which seemed to be excessive for a business in her sector.
When I questioned her about it she told me that she is putting money on a prepaid debit card to spend personlly as she does have enough money. This, she tells me was recomended by her current account that does the same thing. My view is this would go down as dividends and be taxable and there is no way there could be any tax loophole which thinks there is. She is admament that this is correct and what her accountant advised her to do is tax free. It all sounds like a money lauder's wet dream to me.
I cant beleive there is any way in the world this is correct, so posting it here on the the minute off chance she is correct. Any one agree with her?