We have directors loans set-up as Non-current liabilities, so they can bee seen on the balance sheet. However journaling personally paid for expenses, allowances and mileage is a real chore, so it would be much easier to run as a bank account. Would we then be able to periodically balance that off between the "directors bank account" and the "directors loan account"? This would keep the reporting in check but reduce journal overload.
Hi Aaron. Love all the videos really helped me to the point of pre trading and setting up my directors loan account and understanding how to apy mileage expenses to that account etc. I've set up am Ltd for buy to let and about to purchase my first property. Which of your videos as there's lots wpuld you say would help me understand the logic and theory of my next steps ie having the house as an asset, logging the mortgage liability and then the normal trading of income etc. All a bit bamboozalimg and not much out there on youtube. I'm sure I'm not a lone when I say a guide for Ltd landlords for quickbooks video would do very well haha
Certainly! Its on the to do list! in the mean time feel free to head over to my friends channel: th-cam.com/users/KimberleyShapcottPropertyTaxandAccountancy tell her I sent you and she will help out no end :D
Hi, thanks for the video. I work full time as a 40% tax payer. I then bought a BTL via a compny. The company owes me money. Do I pay tax on the Directors Loan as a creditor? HMRC tell me this is a benefit in kind which is confusing. Thanks!
Great video, I come back to it over and over again. A quick question, I accidentally bought an none business related item with my business bank card, how do I log that in quickbooks whilst reducing the amount from my director's loan account?
Great video! I've just got a quick question - you mention that saving the director's loan as a 'cash at bank and in hand' is only really applicable for bookkeeping and is not necessarily for your statutory accounts, what would you input the director's loan as when filing your company accounts in the balance sheet? In my case, it would be for the micro-accounts. Any and all help would be greatly appreciated :)
Is it worth having 2 directors loan accounts, one for the director who puts funds into the company when buying some stock and sundries and gets paid a salary, and one for the other shareholder who also buys items and stock for the company but draws no salary? Loving the practicaliy of your vids, so helpful to relate to real life situations rather than just what to click, where and why.
Thanks for the informative video. If you are a Director owned business and you pay yourself as a employee on a monthly basis does this monthly salary go into the Directors loan account or is it classed as a payroll expense (as if you were paying another employee)?
Isn't this pretty dodgy? Petty cash is supposed to be like max £50 per transaction or something...could you not get hammered for doing this when you submit from Quickbooks to HMRC?
So you don't pay income tax or NI when paying off your Directors' Loan Account? I can just transfer money from my business into my personal bank account so long as the Directors' Loan Account is kept at a negative balance?
We have directors loans set-up as Non-current liabilities, so they can bee seen on the balance sheet. However journaling personally paid for expenses, allowances and mileage is a real chore, so it would be much easier to run as a bank account. Would we then be able to periodically balance that off between the "directors bank account" and the "directors loan account"? This would keep the reporting in check but reduce journal overload.
Hi Aaron. Love all the videos really helped me to the point of pre trading and setting up my directors loan account and understanding how to apy mileage expenses to that account etc. I've set up am Ltd for buy to let and about to purchase my first property. Which of your videos as there's lots wpuld you say would help me understand the logic and theory of my next steps ie having the house as an asset, logging the mortgage liability and then the normal trading of income etc. All a bit bamboozalimg and not much out there on youtube. I'm sure I'm not a lone when I say a guide for Ltd landlords for quickbooks video would do very well haha
Certainly! Its on the to do list! in the mean time feel free to head over to my friends channel: th-cam.com/users/KimberleyShapcottPropertyTaxandAccountancy tell her I sent you and she will help out no end :D
Hi, thanks for the video. I work full time as a 40% tax payer. I then bought a BTL via a compny. The company owes me money. Do I pay tax on the Directors Loan as a creditor? HMRC tell me this is a benefit in kind which is confusing. Thanks!
Very informative discussion!
Great video, I come back to it over and over again. A quick question, I accidentally bought an none business related item with my business bank card, how do I log that in quickbooks whilst reducing the amount from my director's loan account?
You need to assign this to a Directors Loan category
@@TheQuickBooksChap Thanks for the help once again. You are a star!!!!!!
Great video! I've just got a quick question - you mention that saving the director's loan as a 'cash at bank and in hand' is only really applicable for bookkeeping and is not necessarily for your statutory accounts, what would you input the director's loan as when filing your company accounts in the balance sheet? In my case, it would be for the micro-accounts. Any and all help would be greatly appreciated :)
It needs to be shown as a debtor or a creditor
Hi Aaron can I have a separate accounts for directors loan, directors remuneration and directors dividend?
You would want all of the transactions inside the DLoan account
Is it worth having 2 directors loan accounts, one for the director who puts funds into the company when buying some stock and sundries and gets paid a salary, and one for the other shareholder who also buys items and stock for the company but draws no salary?
Loving the practicaliy of your vids, so helpful to relate to real life situations rather than just what to click, where and why.
You should have a different account for each different director - shareholders can have a shareholder loan account if required
But if you paying yourself dividends, that is paying you some of the profit from the company, then surely you would have your pay tax on that? 🤔
Thanks for the informative video. If you are a Director owned business and you pay yourself as a employee on a monthly basis does this monthly salary go into the Directors loan account or is it classed as a payroll expense (as if you were paying another employee)?
we would record the actual wages records for your directors salary
Isn't this pretty dodgy? Petty cash is supposed to be like max £50 per transaction or something...could you not get hammered for doing this when you submit from Quickbooks to HMRC?
HMRC wont see the detail, so all good
So you don't pay income tax or NI when paying off your Directors' Loan Account? I can just transfer money from my business into my personal bank account so long as the Directors' Loan Account is kept at a negative balance?
Yep, exactly