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Setting up Ltd company
 

Hello

I would like to setup a legitimate Ltd business in my name, however my funding sources for my business are through my stealth accounts into my personal accounts.

Not 100% sure on the best way to do this with accountant due to mismatch names etc.

My plan was to keep paying in to my personal accounts and transfer them into my business account recording the income which tallies up with the paypal payment.

Anyone else running a Ltd company and submitting tax returns ok? i could do with your advice on how to do it.

Thanks

Re: Setting up Ltd company
 

Speak to an accountant. They'll tell you exactly how to go about it.

From the sounds of things, you'll become incorporated, and will be taking payments personally, then later transferring it into the company account, which is fine.

You'll basically be having clients "pay the director of the company", and the director (you) will then do a "bank deposit" of the funds into the company account. Of course make sure you have all your paperwork organised in the event of a tax investigation.

Re: Setting up Ltd company
 

Hi, its more then doable. I ran a LTD company with all stealth accounts for eBy, Amazn and Ets. I was even paying VAT on all of it once I went over the threshold.

The LTD company was of course set up in legit details with a legit business bank account. All I used to do was transfer the sales money from personal accounts all into the business account. eB invoices would be available monthly, ET and Ama would be weekly. After I had the invoices, I'd add them to my excel cashbook which would be passed to my accountant at the end of the tax year.

I never told my accountant I was using "Stealth", just simply said I have multiple accounts. I've paid taxes on stealth for 6 years without issue. I have a mortgage and everything from this business so it can work.

No idea what would happen though with a tax investigation because of the stealth accounts, but you should always pay every penny owed and hope for the best.

Good luck.

Re: Setting up Ltd company
 

basically you declare profits from whatever source and claim tax back on expenses and costs you have paid. whats left you pay tax on. thats all the tax people want to know.

Re: Setting up Ltd company
 

Are you vat registered?
I believe you doing right but not sure if you get tax investigation since the invoices etc will not match with your limited company

Re: Setting up Ltd company
 

Thank you, I created my first Ltd company today so exciting times :) thanksfor the input.

Re: Setting up Ltd company
 

Well done!

All HMRC really care about is that you pay your taxes that are owed.