Probably a stupid question, but...

[danb79]

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]

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]

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]

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

[jimothyc]

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]

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]

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]

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..