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So what you are saying is you are spending your CT accruals and VAT accrual?nagaraju.ch wrote:Hi
I am working as contractor with Limited Company. I am taking salary and Dividends. My Limited Company Bank Account has Over Draft Facility and i do withdraw money whenever i get paid from third paid. so it is always overdrawn. Money i've withdrawn as Dividends or Expenses apart from Salary.
I have my ILR due in January and want to show my Dividends and Salary, Can i show my Dividends when my Limited Company Account is OverDraft?
Thanks
W^S..honey2008 wrote:Profit=Income-expenditure
Net profit=Profit - Coporation Tax
Legally and Accounting wise you can take Dividend from your net profit only.
Ta
Honey