I have recently set up a Ltd company and I am using Quickfile, I would like to credit my Tide Business Account with a small sum (current balance is 0.00). If I transfer money from my personal bank account to my business account, I understand that I need to then tag this transaction as “directors loan account”. Is this all I need to do to satisfy HMRC requirements, or do I need keep another record ? Many Thanks.
You enter your transfer as an ‘out’ in your DLA. After that click the tag button >> transfer between accounts >> Tide account.
If you have auto feed for your Tide account activated, you should wait until the feed picks up that transfer. When the amount is shown in your Tide account in quickfile, click the tag button behind the transfer and use ‘transfer between accounts’ and choose DLA.