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I have an LTD in UK and a business bank account. Can I as a

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Hello, I have an LTD in UK and a business bank account. Can I as a director just send my own money to this bank account? Should this transaction be recorded somewhere, included in any specific records or will it be taxable in future? Can I send them now and do the paperwork later or something should be done immediately?

Hello! My name is***** have a degree in Accounting and Administration, I am specialized in tax/financial consulting and today I am going to help you with your query.

Dear client, your case is a bit complicated. I have to investigate several details before giving you an advice. As soon as I have a clear answer, I will be happy to answer your query. In the meantime if you have any other important information to tell me, it would be very helpful.

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Dear customer, your LTD bank account should be used for business purposes only. In case you transfer your personal money there, you must account that income as a loan or as an account payable to a director. If you keep that money there, it will be taxable. Ideally, the money should come in and go out quickly so that you increase your bank account with money that is not a real asset of the company.

Customer: replied 13 days ago.
Will it be the loan described here? https://www.gov.uk/directors-loans/you-lend-your-company-money.Does it mean the company will definitely has to return the loan after some time or I can lend money for unlimited time? What will be a valid thing to account this, just make some record in the accounting software, or maybe should I sign a loan agreement with the company?

Dear customer, you must pay back the loan money. You can do it during the time you consider, but the most convenient is to pay back the money within one year.

If so, you must make the record in your accounting. Since you are the principal, no contract is necessary. Remember that your money and the company's money must be treated separately, even if it is all the same in the end. All incoming and outgoing money from the company's bank account must be accounted for, so it is not advisable to use this account for personal use.

Dear customer, have I answered your question? If not, please do not hesitate to contact me and I will be happy to help you. My intention is to offer you the best service.

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Customer: replied 13 days ago.
Everything is clear, thank you

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