MISTAKES OWNERS MAKE REGULARY: ILLEGAL DIVIDENDS

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Illegal dividends are sooo easy to do without the knowledge.
In this video Dan covers how you might trip up here as a limited company owner, and how to avoid the pitfalls.
Topics include:
Understanding a Balance Sheet
Retained Profits
Legal Dividends
How to declare a dividend
What happens if you declare illegal dividends
Directors Loan Accounts
Dividend Tax
… and more!
If you have any questions or thoughts on this, please comment below.
Blog on dividends: www.heelanassociates.co.uk/di...
Other useful videos:
How often can you take dividends: • HOW OFTEN CAN YOU TAKE...
What is a dividend: • WHAT IS A DIVIDEND? (S...
Directors Loan Basics: • DIRECTORS SALARY BASICS!
Subscribe to our Podcast on Spotify and Apple: “The HeelanHub Podcast” - a show for small business owners.
Join our mailing list for tax tips at: www.heelanassociates.co.uk
You can see more about what we get up to as an Accountancy Business on the following:
LinkedIn (Dan): / danheelan
Instagram (Dan): / danheelan
Twitter (Dan): / danheelan
Instagram (Company): / teamheelan
Facebook (Company): / heelanassociates
Twitter (Company): / heelanassocs
Web: www.heelanassociates.co.uk
Call: 02392 240040 Email: info@heelanassociates.co.uk
#accounting #smallbusinessuk #tax
Note: As always, these videos are educational and should not be considered financial advice.

Опубликовано:

25 ноя 2023

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Комментарии : 25

@benhowlett7693 6 месяцев назад

I wish my brain could process all this information like yours 😦🤣 Why don’t they teach you all this at school?!

@HeelanAssociates 6 месяцев назад

I absolutely believe it should be. From what I’ve seen having two teenagers doing gcse is that business studies etc is just not prioritised.

@ianmitchell2848 4 месяца назад

Because the powers above don't want to share this knowledge!!

@user-gb2gq8lb3s Месяц назад

Can all the money in Business account be withdrawn AS DIVIDENDS when closing down a Ltd company providing the company has ZERO debts ?

@HeelanAssociates Месяц назад

In theory, presuming it paid all tax etc yes. Often there maybe a slightly more tax efficient way to do that on closure depending how it’s closed. Depends on the state of the balance sheet.

@alijawad2042 7 месяцев назад

Brilliant. Thanks

@HeelanAssociates 7 месяцев назад

Glad you liked it!

@Chief_Spook 6 месяцев назад

Another great video. Such great advice. I’m approaching a difficult period where I’ve only really got enough in my business account to pay my Corp tax in 2025. Will prob have to stop my salary this month. I’m considering applying for an overdraft, is it still possible to take money out using the overdraft?

@HeelanAssociates 5 месяцев назад

Glad you enjoyed! Yes overdraft effectively is like an extended bank balance so nothing practically preventing the payment. As a side note it won’t make any difference to the accounts though, as you will have the balance of the overdraft as a liability. So in terms of subject of the video it doesn’t help, just provides cash to use.

@Chief_Spook 5 месяцев назад

@@HeelanAssociates thank you

@lawrencer25 7 месяцев назад

❤❤🎉🎉🎉Another fabulous video ❤🎉🎉🎉

@HeelanAssociates 7 месяцев назад

Glad you enjoyed!

@bobbydeol7217 6 месяцев назад

Does the tax code changes when I take dividends? I mean there is different tax code for those who 2 jobs. I have been working as an employee on PAYE in 1 company and running limited company side by side. I’m not taking any salary from my limited company. I have been taking just the dividends. I have taken dividends only once. I have planned to take another dividend. Will this change the tax code?

@HeelanAssociates 6 месяцев назад

They used to change it yes to guess ‘dividend tax’. This would only happen after you submit a tax return, but hmrc seem to have stopped this practice (because everyone would just phone up and get it removed/changed). So right now I doubt you would see a tax code change.

@Danny-Leogue 7 месяцев назад

Interesting video! By the way is the video title supposed to be edited before upload? :)

@HeelanAssociates 7 месяцев назад

Unsure what you mean 😂😉

@mistervelux 7 месяцев назад

@@HeelanAssociatesregularly...

@mistervelux 7 месяцев назад

@@HeelanAssociatesI assume this typo..

@mistervelux 7 месяцев назад

@@HeelanAssociates😂

@JacquelineXJ 6 месяцев назад

can i please ask if in the company 2 shares are put both as class A for 2 shareholders originally by mistake and company wants to pay different amount of each share holders different amount of dividends year end, how can company move 1 share from class A to class B so they are in alphabet shares structure ? MOA or just update shares class on company house ?

@HeelanAssociates 6 месяцев назад

Yes you can there are various forms and formalities to sort out, but you can certainly fix that.

@YouILuv1 6 месяцев назад

Could someone please advise me on how to change my business structure from sole trader to a partnership? Is it as easy as just re-registering as a partnership on the GOV website ?

@HeelanAssociates 5 месяцев назад

Sadly can’t advice directly here due professional regulations but generally, you’d need to consider the final position of the sole trade, whether you want a proper partnership agreement, and registering the partnership with hmrc.

@db_0042 5 месяцев назад

Hi great video. I started an ltd company with the name i want for the business. I want to trade under the name as a sole trader first to begin with. Should i make the ltd dormant for now. And just advertise the name without ltd

@HeelanAssociates 4 месяца назад

You don't need a limited company to trade under a given name, so presuming name isn't trade marked there is little to stop you just getting rolling. Its actually pretty common that sometimes the limited company someone has is named differently from their businesses trading name! You could form a dormant LTD if you really wanted to secure the limited company name however.