Making money -now need business admin advice :)
- September 10, 2017 at 4:30 pm #174672
So I launched a basic SAAS business two weeks ago and I’m already profitable.
I have done some background reading and it seems a limited company is the best way to go.
I do have some questions though:
1. At present Stripe is paying revenue into my personal account. I’m guessing once I make a business account I can just transfer this money across from my personal account?
2. I realise I can’t just take money from my company when I feel like it. But how can I determine a salary to pay myself if sales change a lot? I made 23 sales in my first week but since interest has gone down I only made 4 sales in the second week.
3. If I make several web businesses should I keep them under one limited company or register a new company each time? I have a few ideas for websites that I may like to sell in future so perhaps a separate limited company would be the best for these?September 11, 2017 at 5:58 am #174684
If you form a limited company it will need it’s own bank account as it is a separate legal entity to yourself. Whilst you can backdate some of the expenses to include them in the limited company you can’t backdate sales so should leave that income in your personal account and declare it to HMRC as self employment but you should really be discussing the best way forward with an accountant as he may well advise you not to bother with a limited company due to the extra expense involved.
The accountant will also advise you on point 2
You can trade all of your different divisions under the one limited company banner
Ian Johnston - Factoring Solutions --- Independent Factoring Broker for growing SMEs --- Discover my free factoring negotiation service that tailors solutions and protects your UK business. --- Call me today on 01827 707 680September 12, 2017 at 6:35 pm #174756
Thanks for the info.
Going to decide on the ltd company vs soletrader issue this weekend.