Dividends & Vouchers

[MrGBoy]

My accountant said that I don't need a voucher each time I pay myself a dividend - that was when I started back in September.

Thinking nothing of it - I just paid myself dividends as and when. However, i'm now going through the accounts with a fine tooth comb and I note that there is nothing to say that I have indeed paid myself a dividend - although there is a bank statement - the reference just says "Petty Cash"..

When I first setup the business bank I setup a payment from the BA to my personal account and the reference was petty cash - because that was what the money was for (i didn't have a BA debit card then).

All the money that has ever been paid to my personal account from the business has the reference "PETTY CASH".

Does this mean that I now owe the business all of the money that I transferred to my account?

[Zeno]

No, not if the there was distributable profit out of which to pay the dividends however you should make sure that you properly document all dividends with minutes and dividend vouchers. HMRC are often keen to see these but aside from that it is best practice.

[mountrecruitment]

If you need a spreadsheet that creates all the relevant documentation easily then let me know.

[MrGBoy]

If you need a spreadsheet that creates all the relevant documentation easily then let me know.

Yes - can you send it to me?

[AlanR]

Posted twice in error

[mountrecruitment]

Will do. What's your email address?

ou can pm it to me if you prefer

[shell990shell]

Hi,
If you're still about on the boards I wondered if you could send me a copy of these spreadsheets too, please?

[mountrecruitment]

Let me know an email address and i will dig them out