Hey guys, Just a quick question – Have been using Bullet for two years as a sole trader and love it. Recently set up a Limited company (28th Oct) with the same name, for funding purposes, which I will be continuing the trade under and ceasing as a sole trader. I have not yet set up a bank account for the Ltd Co. When I do I will transfer about 10K into it as a Directors Loan. Need a little advice on how to do the accounts here – do I set up an entirely new account on Bullet, dated from 28th Oct? Or do I wait until I get the new bank account and then set up a new Bullet account from that date? Or do I keep the account and you can upgrade it on your end for me to Ltd Co? Will be registering for VAT for the Ltd Co, but it hasn’t been completed yet. Any advice would be greatly appreciated! Many thanks in advance
Sorry for the delay. Good work setting up the company much smarter tax wise.
We have a guide here you should read.
You’ll need to setup a new account on Bullet and select Limited Company (they’re very different), dates etc don’t really matter.
Then you’ll need to setup a new bank account (good practice anyway)
When you transfer the d.loan in you can just add it Money In/Add Loan/Grant and select directors loan.
Hope that answers your questions. Don’t worry about dates of bank account etc.