I registered a Limited company in the UK one year ago and I am the sole shareholder and sole director of the company. Now I want to invest £50k in the company so that I can buy products and rest of the things required for business.
Is it as simple as transferring the money from personal bank account to the business bank account and then buying whatever needed through the business bank account and pay taxes whatever at the end of the year?
Or there is a special structure and procedure to be followed?
Another question, If I transfer £50K from personal bank account, is it possible to take some money out if I need in the future for personal purposes?
I have saved £60k for business start-up and my personal expenses and that is the only money I have at the moment. I registered the company last year and now I want to go full-time in business and wondering what structure should I follow for spending on the start-up expenses and so on.
It is pretty confusing for me as I read the concept that once you give the money to the LTD company; that money belongs to the company only even though I am the sole shareholder and director of that company and even I used my personal saving for the company.
I asked one chartered accountant and he said I should not worry that much and transfer whatever money required in the business bank account from personal bank account.
once you give the money to the LTD company; that money belongs to the company only even though I am the sole shareholder and director of that company and even I used my personal saving for the company, that is true. Many people fail to understand that company money isn't personal money unless you pay yourself a dividend/salary.