Probably a stupid question, but...
Probably a stupid question, but...
Author
Discussion

danb79

Original Poster:

13,629 posts

101 months

Wednesday 26th August
quotequote all
I'm about to invoice for my 1st month in my OS IR35 contract

My accountant is now away for 3 weeks (got his OOO email reply a few days ago)

He's broken down what I've to take from the business to pay myself (salary, expenses and dividend)

Do I take them as 3 separate transactions labelled as such; or just one transaction?

Cheers

M4cruiser

5,134 posts

179 months

Wednesday 26th August
quotequote all
What you record in the books doesn't have to be the same as the bank account transactions, but it makes life easier if they do match.


danb79

Original Poster:

13,629 posts

101 months

Wednesday 26th August
quotequote all
M4cruiser said:
What you record in the books doesn't have to be the same as the bank account transactions, but it makes life easier if they do match.
Cheers for that; that was my thinking - I'll set up x3 separate payments - it'll all tally then

Alex Z

2,061 posts

105 months

Wednesday 26th August
quotequote all
I did mine as 3x payments. Makes it easy to track what’s gone onto the accounts then come out of the bank

jimothyc

844 posts

113 months

Wednesday 26th August
quotequote all
From and IR35 point of view, it's not normally best practice to be taking your dividend monthly or it just looks like salary.

Although I got away with it for quite a few years, so entirely up to you.

danb79

Original Poster:

13,629 posts

101 months

Thursday 27th August
quotequote all
jimothyc said:
From and IR35 point of view, it's not normally best practice to be taking your dividend monthly or it just looks like salary.

Although I got away with it for quite a few years, so entirely up to you.
Cheers for that - it's only a 6month contract to begin with - I'll stick to it monthly for now

MustangGT

13,813 posts

309 months

Thursday 27th August
quotequote all
danb79 said:
I'm about to invoice for my 1st month in my OS IR35 contract

My accountant is now away for 3 weeks (got his OOO email reply a few days ago)

He's broken down what I've to take from the business to pay myself (salary, expenses and dividend)

Do I take them as 3 separate transactions labelled as such; or just one transaction?

Cheers
Are you asking about the invoice, or how to draw the money yourself?

Jasandjules

72,561 posts

258 months

Thursday 27th August
quotequote all
I do mine as separate payments from the business account so I have transaction titles which makes it a lot easier come tax time to reconcile the money..