I am due to be paid for a temporary work that I did for a company of £4000 for my limited company into my business bank account. I don't have an accountant and I don't want to spend too much money on taking this cash. I don't expect to get anymore work for my company in the next year. Also I am employed as a full time employee with another organisation at present and earned the above cash as part of my annual leave from my full time employment.
Can you please advise what is the best approach to withdraw the cash into my peronal account.
I am concerned about the following quesitons:
1. Do I have to pay corporation tax?
2. Do I have to pay VAT?
3. People have mentioned that I could take the money as dividens. How does this work?
4. Do I have to pay income tax once it has gone into my personal account?
So far,
I have filed my annual return AR01 but I have not filed the annual accoutns yet but I have been advised that I have until Feb 2017 to do this.
Can you please advise the cheapest way possible to withdraw the cash whilst complying with all the protocols?
