Bank transfers question

Hi all

I have an Irish LTD (I am sole shareholder) that has some outstanding liabilities to an offshore company.

I am the sole shareholder of the OffshoreCo (and live in that jurisdiction).

Once the liabilities are paid to OffshoreCo, I will get the benefit of them.

Assuming I have the correct receipts in place etc, can I just wire the cash from my IrishCo to my personal bank account in Ireland? Do bank account transactions matter in these circumstances? I'm going to get the cash anyway so if it was possible to save of bank transfer fees that would be great but it might not be possible?

First year trading so still learning the ropes. thanks

Not if you want to leave a proper audit trail

BronYrAur said:

Once the liabilities are paid to OffshoreCo, I will get the benefit of them.

Click to expand...

No idea where you're tax-resident but in general a liability due to entity X must be paid directly. How exactly are you proposing to "get the benefit" of these liabilities from OffshoreCo (e.g. dividend/salary/something else)?