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Name of account holder????

 
 
Jon
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      01-26-2004, 11:29 AM
On my tax form, it has a section about where to pay overpaid tax to. Asks
for Bank details, one of which is Name of account holder. I am self employed
with the business name of Access World. My cheque books have Access World
written on them above the signature line. Also, I am one of the signatories
on the account.

So...what am I supposed to put when it says "Name of account holder" on the
tax form or even a direct debit?

Regards,

Jon


 
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Ronald Raygun
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      01-26-2004, 12:17 PM
Jon wrote:

> On my tax form, it has a section about where to pay overpaid tax to. Asks
> for Bank details, one of which is Name of account holder. I am self
> employed with the business name of Access World. My cheque books have
> Access World written on them above the signature line. Also, I am one of
> the signatories on the account.
>
> So...what am I supposed to put when it says "Name of account holder" on
> the tax form or even a direct debit?


Well, the name of the account holder of the business account would
be the business name, so if you want the refund to go into that
account, then put that. "Name of account holder" really just means
"account name". Are you sure you wouldn't rather have the refund go
into your personal account? You do have one, don't you?

Remember, the business doesn't pay tax, you do. So if you paid
any tax by business cheque, this would have to appear in your
accounts as "drawings". If you pay a tax refund into the business
account, this would then be "capital introduced".

 
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Jon
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      01-26-2004, 12:50 PM
Yes, good point! Thanks for that. An oversight on my part.

Jon

"Ronald Raygun" <(E-Mail Removed)> wrote in message
news:gz7Rb.164$(E-Mail Removed)...
> Jon wrote:
>
> > On my tax form, it has a section about where to pay overpaid tax to.

Asks
> > for Bank details, one of which is Name of account holder. I am self
> > employed with the business name of Access World. My cheque books have
> > Access World written on them above the signature line. Also, I am one of
> > the signatories on the account.
> >
> > So...what am I supposed to put when it says "Name of account holder" on
> > the tax form or even a direct debit?

>
> Well, the name of the account holder of the business account would
> be the business name, so if you want the refund to go into that
> account, then put that. "Name of account holder" really just means
> "account name". Are you sure you wouldn't rather have the refund go
> into your personal account? You do have one, don't you?
>
> Remember, the business doesn't pay tax, you do. So if you paid
> any tax by business cheque, this would have to appear in your
> accounts as "drawings". If you pay a tax refund into the business
> account, this would then be "capital introduced".
>



 
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john boyle
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      01-26-2004, 08:31 PM
In message <gz7Rb.164$(E-Mail Removed)>, Ronald
Raygun <(E-Mail Removed)> writes
>Well, the name of the account holder of the business account would
>be the business name,


In fact it would be 'Jon Bloggs trading as Access World'.


> so if you want the refund to go into that
>account, then put that. "Name of account holder" really just means
>"account name". Are you sure you wouldn't rather have the refund go
>into your personal account? You do have one, don't you?


I hope he does!
>


--
John Boyle
 
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