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Post Info TOPIC: Can I pay myself salary which I forgot to withdraw last year?
Sidewinder1


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Can I pay myself salary which I forgot to withdraw last year?
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You

I am self employed since may 2018. Paying myself salary and dividend. Since tax year for my limited company ended in may 2019, I prepared the company's annual returns and paid the corporation tax. I also paid the self assessment tax returns as well. I just realized while going through bank statements of my personal account that salary for December 2018 could not be transferred to my personal account. Since I have now filed tax returns and tax year has ended, can I still pay myself for the December 2018 salary now?


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Artois


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Sidewinder1 wrote:

You

I am self employed since may 2018. Paying myself salary and dividend. Since tax year for my limited company ended in may 2019, I prepared the company's annual returns and paid the corporation tax. I also paid the self assessment tax returns as well. I just realized while going through bank statements of my personal account that salary for December 2018 could not be transferred to my personal account. Since I have now filed tax returns and tax year has ended, can I still pay myself for the December 2018 salary now?

 

Probably not the best way to get any responses by addressing your post to 'You'

This is a site for professional bookkeepers/accountants not for business owners, but seeing as it's nearly Christmas!

Your post is confusing you start by saying you are self-employed and then that you were getting a salary and dividends!

Was the December salary left off of your payroll or was it just left out of the accounts or was it omitted altogether from both? if Payroll then just submit a EYU for 18/19 if the accounts then just amend them, if left off both then do both, all things I suggest that you should be speaking to an accountant about.  



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Doug

These are only my opinions of how I see things and therefore should not be taken as advice
Leger


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Hi Doug

If left off both then I would suggest the OP can't rewrite history. If s/he's payrolled it and simply not taken the money then 

a/ if the correct payroll figure is shown on the accounts - fine to just withdraw from bank account, although Sidewinder should consider the other side of the double entry   I'm wondering here what the accounts show when s/he withdraws the salary.  I usually post the salary to creditors nett wages and the payment to nett wages to balance off. (simplified)

b/  if the correct payroll figure doesn't show on the accounts (which is feasable if the payments are simply posted to wages) then amend the accounts.

 



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John 

 

 

 Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.
Artois


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Leger wrote:

Hi Doug

If left off both then I would suggest the OP can't rewrite history.  

 Hi John

Whilst I do agree, are you not allowed the correction of an error?

If the OP has been taking a salary for the other 11 months I would take this to be a genuine error on their part.



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Doug

These are only my opinions of how I see things and therefore should not be taken as advice
Leger


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That's a valid point Doug.



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John 

 

 

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Shamus


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Artois wrote:
Sidewinder1 wrote:

You

I am self employed since may 2018. Paying myself salary and dividend. Since tax year for my limited company ended in may 2019, I prepared the company's annual returns and paid the corporation tax. I also paid the self assessment tax returns as well. I just realized while going through bank statements of my personal account that salary for December 2018 could not be transferred to my personal account. Since I have now filed tax returns and tax year has ended, can I still pay myself for the December 2018 salary now?

 

Probably not the best way to get any responses by addressing your post to 'You'

This is a site for professional bookkeepers/accountants not for business owners, but seeing as it's nearly Christmas!

Your post is confusing you start by saying you are self-employed and then that you were getting a salary and dividends!

Was the December salary left off of your payroll or was it just left out of the accounts or was it omitted altogether from both? if Payroll then just submit a EYU for 18/19 if the accounts then just amend them, if left off both then do both, all things I suggest that you should be speaking to an accountant about.  

Hi Doug,

reasons that the post shouldn't have been answered highlighted red!

Self assessment not due til Jan, accounts not due until Feb but all already filed.

If December salary was filed in december but not taken then its already in the accounts but thats not the way that the question is reading. Thats more important to my mind that the accounts which are still within the correction period as neother accounts or self assessment needed to have been filed yet.

Of course, raising this red flag themselves to HMRC is pretty much guaranteed to win them a visit.

 

Dear poster,

you need an accountant.

 

Dear site,

Not it.

 



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Shaun

Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Artois


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Slap on wrist for me 



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Doug

These are only my opinions of how I see things and therefore should not be taken as advice
Shamus


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Artois wrote:

 

Slap on wrist for me 

 Lol, you know that I didn't mean it that way biggrin



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Shaun

Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Cheshire


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Oh dear.

Just shows, we dont have enough information to answer the Q fully.

Plus just shows you shouldnt be let loose with a Limited unless you know the law, regulations, terminology etc.

I will hazard a guess that the accounts are a complete pile of pants!  

But also, do you guys not think that this is also looking like a Pre Veis situation, the clues are there. Not least the American-isms, copy and dump and well ...the profile itself.   

One to add to the list to check back in a few weeks for the links creeping in.

PrespammerQ.png



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 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
Leger


Master Book-keeper

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Shamus wrote:
Artois wrote:
Sidewinder1 wrote:

You

I am self employed since may 2018. Paying myself salary and dividend. Since tax year for my limited company ended in may 2019, I prepared the company's annual returns and paid the corporation tax. I also paid the self assessment tax returns as well. I just realized while going through bank statements of my personal account that salary for December 2018 could not be transferred to my personal account. Since I have now filed tax returns and tax year has ended, can I still pay myself for the December 2018 salary now?

 

 

Hi Doug,

reasons that the post shouldn't have been answered highlighted red. 

 Hi Shaun

To be fair to Doug, he did point out the self employment confluxion. The OP won't be the only one to think self employment and Ltd Co's go hand in hand.

BUT I'm slightly confused by your saying the accounts/self assessment are not due yet.  They become due the day after the financial year end UP TO the end of January/February.  Putting any other errors aside and the pre veis issue (1)  filing early is to be commended I would have thought?

That said, it's totally accepted this is a site for us professionals (why am I thinking Bodie and Doyle lol) rather than business owners so slapped wrist for me as well biggrin

(1)  Joanne may well be right on the pre veis.



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John 

 

 

 Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.
Shamus


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Company started May 2018, accounts to May 2019, to be filed by Feb 2020

Self assessment for year ended April 2019 to be filed by end of Jan 2020.

generally filing early is reserved for when the client is applying for finance but in this instance its first year so thats not going to be the reason.

Personal view is be prepared early and file on time.


Just to emphasise, I wasn't having a go at Doug, I was talking to Doug and making a comment about the original post. These of course are the problems with the meium in that one cannot see the wry smile on the other persons face as they p[ass comment.

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Shaun

Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Leger


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Shamus wrote:

Just to emphasise, I wasn't having a go at Doug, I was talking to Doug and making a comment about the original post. These of course are the problems with the meium in that one cannot see the wry smile on the other persons face as they p[ass comment.

 Not that I've ever fallen foul of that, you understand biggrin biggrin

 



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John 

 

 

 Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.
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