I have been paying off my outstanding corporation tax from my personal account. Now that the business is now back in credit, can I refund myself monthly from the business? How is this shown on the accounts?
Have you been tagging any of the payments in Quickfile thus far? I think I’d have matched the payments made as transfers to the DLA so the debt would still be the correct amount in Quickfile and the money the business owes you would be a separate issue.
So, if I understand correctly. The payments I have been making from my personal account should appear in the Business account as DLA transactions? Would payments to me from the business account (to reimburse me for the corporation tax payment from my personal account ) also appear as DLA transactions?
The payments you’ve made to HMRC from your personal account would be money out of the DLA tagged as corporation tax payments, the repayments from the company to you would be money in transactions on the DLA which would be created automatically when you tag the business account money out as a transfer to the DLA.
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