Paperwork (or the digital equivalent) is important.
If you are running a limited company, it is important that you don’t take any money out of the business without the correct paper trail. The company is a separate legal entity from the director/shareholder. It’s a bit like taking money out of your mother’s purse without permission.
The sort of paperwork you would need is:
- Salary needs a payslip
- Dividends need a minute and a tax voucher (contact us if you need a template)
- Interest payments (if appropriate) need a form CT61 filed with HMRC
- Expenses should be accompanied by receipts and a mileage log
- Pension payments should be paid directly to the pension provider
Get in touch if you’d like our template minutes and dividend voucher