By clicking “Accept All”, you agree to the storing of cookies on your device to enhance site navigation, analyse site usage, and assist in our marketing efforts
Essential
These cookies enable our website and App to remember things such as your region or country, language, accessibility options and your preferences and settings.
Analytics
Analytic cookies help website owners to understand how visitors interact with websites by collecting and reporting information anonymously.
Marketing
Marketing cookies are used to track visitors across websites. The intention is to display ads that are relevant and engaging for the individual user and thereby more valuable for publishers and third party advertisers.
Hi DWS,
I'm an accountant. As has been mentioned above you could be paid a dividend. It would have to be paid from after-tax profits though.
If you are out to make things simple and it's just a matter of money coming in and out of the company you can calculate the profit you would need to pay...
A thing to note as well is that if you've been paying out a dividend to yourself, it will attract corporation taxation as a dividend can only be paid out via profits.
For example, if you take out a dividend of 1,000 GBP the following would need to be present in the company to pay that amount...
I agree with @japancool. If you are planning on making this a proper enterprise it would be better to start planning for things now. Price changes can scare off customers.
For the moment yes. However, pointing out for emphasis though it was already mentioned, the VAT threshold is on a *rolling* basis not an accounting period accumulation. Just something to be mindful of should you make a lot more in some months.
As mentioned above, the freelancer would simply...
GoCardless is another good option. You mentioned you were just starting up, we are an accounting services provider. If you'd like, feel free to reach out and we could have a general discuss as to what you are trying to do. Discussion is free of charge.