Me lending money to "sole trader" business

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Assuming I start a sole trader company
Assuming I get a business bank account in said name :)
To get going I will have trivial expenses which would be better off coming out of business account to ensure everything is under this umbrella. But the first cheque won't be in for maybe 45 days after.

So can I simply pay in £xxx of my personal cash into this account as an interest free loan and take it back once the cheque clears?

I am assuming this is an obvious yes as the company as a sole trader is in fact me - but wondering if this has any implications I've not seen.

Cheers.
 
sole traders are very simple to operate.

it just goes into the partners capital account

when you take out salary it will be classed as drawings, out of this capital account

the profit/loss will also be allocated to the partners capital account as well.

i keep saying using an excel spreadsheet is the easiest way to keep your books but nobody will beleive me for some reason.

They think they need a trial balance generated from some sort of accounting system

ludicrous if your business is relatively straightforward.

You can even send them a set of accoutns that has been generatded through the spreadsheet and say ........ "check this for £100 and let me know of any adjustments"

It will take them a couple of hours to check.
 
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elaine@cheapaccounting

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    sole traders are very simple to operate.

    it just goes into the partners capital account

    when you take out salary it will be classed as drawings, out of this capital account

    the profit/loss will also be allocated to the partners capital account as well.

    i keep saying using an excel spreadsheet is the easiest way to keep your books but nobody will beleive me for some reason.

    They think they need a trial balance generated from some sort of accounting system

    ludicrous if your business is relatively straightforward.

    You can even send them a set of accoutns that has been generatded through the spreadsheet and say ........ "check this for £100 and let me know of any adjustments"

    It will take them a couple of hours to check.

    it is a sole trader - so there are no partners :rolleyes:
     
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    elaine@cheapaccounting

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    Assuming I start a sole trader company
    Assuming I get a business bank account in said name :)
    To get going I will have trivial expenses which would be better off coming out of business account to ensure everything is under this umbrella. But the first cheque won't be in for maybe 45 days after.

    So can I simply pay in £xxx of my personal cash into this account as an interest free loan and take it back once the cheque clears?

    I am assuming this is an obvious yes as the company as a sole trader is in fact me - but wondering if this has any implications I've not seen.

    Cheers.

    easiest way is to record a capital introduced and repay as / when you want. No tax implications.

    Can I suggest the free one day course run by HMRC on how to complete the self assessment for self employed

    details here and scroll to self employed:

    http://www.hmrc.gov.uk/bst/work.htm
     
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    elaine@cheapaccounting

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    elainec100

    just had a look at your site ............ looks good

    very interesting how you can enter the transactions online and then generate the reports


    yes so much better than excel I find :D:D:D
     
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    elaine@cheapaccounting

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    I can think of lots of things to call you - Clarky and Gov were not on the list though. :cool::D

    oh just stop with those sweet nothings again :p
     
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    David Griffiths

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    Hi David

    How are you

    Not sure that you really want to know, but harassed sums it up! :( We just changed the office server, which caused more disruption that I expected, and now we've been without emails coming in all day. Add to that a couple of tasks which suddenly become urgent, and might mean an unexpected trip to London tomorrow. Still it will be worth it.

    All part of life's rich pageant!
     
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    elaine@cheapaccounting

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    Not sure that you really want to know, but harassed sums it up! :( We just changed the office server, which caused more disruption that I expected, and now we've been without emails coming in all day. Add to that a couple of tasks which suddenly become urgent, and might mean an unexpected trip to London tomorrow. Still it will be worth it.

    All part of life's rich pageant!

    that's computers for you

    You don't need a server though to run excel which does it all you know :eek:
     
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    elaine@cheapaccounting

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    Now correct me if I'm wrong but isn't this a business forum.

    Timeout posting is down below;)

    I should report the lot of you!!:D

    oh no it is scary Alpha again :eek::eek::eek:
     
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