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Poem

New member
In order not to screw up with taxes and accounting:

(1) When I receive money to my biz Wise, Stripe, Bankera.... or biz bank account directly, what can I do with it? Can I go buy a thing for personal use with it?
(2) If not, what will happen if I do?

(3) Can I withdraw money from a biz Wise, Stripe or the like to a *personal* bank account? Or should I withdraw them to a biz bank account *only*?
(4) How do I convert money in a biz account into the money that can be used for buying personal goods?

...assuming I want to pay taxes, required, and do all legally

Generally, the (2) will inccur personal income tax on top on corporate tax that I may've paid already or about to pay, right?
 
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OffMyBack

Mentor Group Gold
IN real world -
you pay lets say a Electornic device or a blow up doll from your business account.
Then you classify electornic device as "business expenditure" and the blow up doll as "entertainment expenses".

In banking world;
However these banks will then perhaps ask for a receipt in the name of the company at a later stage and perhaps evidence of usage to see if it is really a biz expense.

In real world;
If you just stick money from business to personal - again no problem, your accountant knows what to do when doing the book keeping. Classify as director loan, or interim dividends (for which you need paperwork anyway ) etc....

In banking world;
You commiting money laundering


In short when you do it, be safe and got your docs in order, albeit thereby creating an alaternate world for these banks s at the end of the day - each with draw of money you do not want to proof each time what it is, nor declare its a dividend, but thats the way of the banking world, and tax agency world --- Guilty till proven innocent
 

Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member
You ideally want to speak to an accountant if this is level of understanding you have about running a company. Do not chance it as simple mistakes can be costly.
 

Poem

New member
I can go find an account in no time, but I've I asked my questions here. No answer - I'll ask on reddit or elsewhere. What a problem.

You like to overcomplicate things sometimes, don't you?
 
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