Managing money when a limited company

Hi again!

How is it all going? Decided on company structure yet?

My advice really is get an accountant! Work out how much you need to live on, cut out all the frilly bits and focus on work for a bit 🙂

Once you have realistically worked out how much you need and what the business is bringing in then chat to the accountant about how you can achieve this.

If you have no savings then paying a higher amount in PAYE and taking a little tax hit there is possibly better than paying monthly divi's. I would take out a loan or release of house equity (if this is an option) as the last possible course of action as that is just money in someone else's pocket. If you do go for a loan then make sure you shop around for not only low APR but also no early redemption penalties.

Yes I've worked out the company structure and am pretty close to chosing my accountant.

I just didn't know if anyone had any practical money managing tips they could pass on from first-hand experience running a ltd company.

Thanks again MickyFinn!

Hi,

Drop me a PM if you need any help with your admin or bookkeeping.

Thanks,

Stewart


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Stewart Setter
Director
Virtual Ac
Business Administration for Companies