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LTD CO STARTUP NO WAGES

Dal Private
Posted Sat, 29 Jul 2023 11:02:06 GMT by Dal Private
Hi I have started a LTD COMPANY in March and have been seeking funding. I have acquired a grant from my council which I'm using to purchase tools. I am under the 12 month startup period on UC and they want to remove me from it as I cannot support myself after the first 3 month review. IAm I right that in putting my profits back into the company instead of drawing a wage to support myself at this early stage. I'm not making a loss, I have no debt and invoices that are in credit as well as a director loan account credited to myself from the company. Regards 

Name removed admin . 
HMRC Admin 20 Response
Posted Fri, 04 Aug 2023 09:50:27 GMT by HMRC Admin 20 Response
Hi 

I am sorry, HMRC cannot provide accounting advice.
However, you may wish to engage the services of a third party or accountant to advise you on this matter.

Thank you.

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