You and your company are two different entities. You have your money and your company has its money. Your company’s money belongs to the company, not to you. You may own your company, but your company needs to account for the money it earns and spends and what it has in the bank.
It’s important not to be confused about this.
Your company’s money isn’t just a pot you can stick your hand into when you need some cash, because that would be a loan and you’ll pay tax on it. Sure, if you have a legitimate expense, like travel and meal expenses when you’re going to a client meeting, then take the cash from the company and give it a receipt for the expense in return.
I’ve known many people who have no idea if they personally bought something, or if it was the company, and their management accounts are a mess.
At the end of the financial year your accountant will not allow company expenses if they are not properly documented and you don’t have the receipts.
And that can be expensive.
Simply keep your company and your business finances separate and all will be fine.
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