Gizmogirl
7th March 2009, 17:12
I am a sole trader and have just seperated my business into two. I am now a sole trader and a director of my limited company. The only issue I have is that I have to split my accounts down the middle now as I'm running the two businesses from the same premises. I have been a sole trade for the past 8 years and the business paid for everything really to get the limited company off the ground. I have to go back to April to split my accounts down the middle my accountant said, but I am struggling to see how that would work. I have only just set up my limited company bank account. Most of the items in my shop are for the limited company but were paid for out of my sole trade account. So basically my limited company owes my other business?
Say bills that are for my limited company are being payed for by my other business, as there isn't enough money in my bank account yet, how do I work this out.
How can I split my accounts down the line when the limited company hasn't really paid for anything yet?
God I'm confused.
Say bills that are for my limited company are being payed for by my other business, as there isn't enough money in my bank account yet, how do I work this out.
How can I split my accounts down the line when the limited company hasn't really paid for anything yet?
God I'm confused.