Tax refund from business account to private account?
Moinsen,
I have a tax-related question. First, a brief overview of the situation:
I'm employed and have also opened a business as a sole proprietor. (I haven't taken advantage of the small business regulations.)
Now I have submitted the VAT advance return for Q2 and should get an amount back because more VAT was paid than (unfortunately) collected.
Since I keep things separate with two accounts (private and business), I wanted to ask if I can simply transfer this repayment from my business account to my private account and use the money privately, since in my opinion it is not profit or anything like that that I still have to pay taxes on, or am I making a mistake in my thinking?
I hope I was able to formulate the situation and question in a reasonably understandable way and look forward to the answers 🙂
(1 votes)
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Basically, it is not a problem to remove money from the operating account. Even more than you did win. For taxing it is also not significant whether you take profits or leave them in operation (from the possibility of taxing profits only reduced until withdrawal I do not go into one)
In the case of an EÃœR, you must, of course, declare the refund of the VAT as operating income. Even if the money is taken.
However, if you have operational loans, it may be a part of the interest that is not deductible as operating expenses.
Of course, this is a single company or a personal company and not a capital company
The FA does not care for which account the payment is made.
The pre-tax refund represents an operating income and thus increases your profit, a private use represents a withdrawal.
Laughing, both are your accounts in your name, can do.