Board Meeting Minutes

Vickyxgp

Hi All,

Just a query about board meetings. There is only me in the business however, I have read that all meetings such as dividends etc need to be minuted.

Do I need to do this if I am having a meeting with myself?

Thanks

Savvy_Sue

I believe you do, because you need an official record of any agreement to take funds out of the business and pay them to yourself.

But I am sure your accountant can advise further on this.

Pennywise

Yes, for your protection, you need a written/signed record of your decisions as a director. Particularly important for dividends as HMRC sometimes try to reclassify withdrawals as wages or loans to get more tax from you. Also important to confirm details of any loans you make to/from your company.

Vickyxgp

Thank you both for your responses.

I wanted to clarify and will also check with my accountant on Friday.