UK ONLY: Business account/personal use - advice please?

[MlyezSpare]

Hi,

 

This might seem a little dis-jointed as my situation is hard to explain. I'm looking for advice (UK preferred) from anybody who has their own business or knowledge of my situation.

 

I'm the director of my own Web Design company, it's a Private Limited company.

This company is inactive, the company account was opened several months ago, but as I am still studying, I haven't produced any Websites for clients.

 

When I opened the account, I was told I had to deposit £200 into the account. I deposited £200, then a further £1000 of savings.

 

My current account, with a different bank is what I use for everything personal, I lost my card and had to wait ~2 weeks for another. During this time I used my savings from the business account, at cash points, supermarkets and online via Amazon etc.

 

In ~4 months I had to declare any business transactions to HM Revenue & Customs, a process which I am not at all familiar with, but will be getting help from family. (I haven't asked for advice about this from them, since I'm not living at home).

 

Will I have to declare all of my personal transactions too? Will this cost me? (Tax etc).

 

Any advice is deeply appreciated, as I am something of a noob in this area. Perhaps starting this business so early was not a great idea, however it was done as a measure to prevent the acquired company name from being taken and was a back up idea for extra money if I was left unemployed after graduation.

 

~Myles

[Ginger_Warrior]

I really not an expert but I would imagine you would have to declare the transactions you made from the business account effectively into your personal account for personal use. Have you tried phoning the helpline for HMRC Self-assessment?

[MlyezSpare]

I haven't, I'll find the number now and call them tomorrow - thanks. :)