Draw salary from my limited company when out of contract

[psychocandy]

Not surprising really unfortunately. The guides say you need to submit company paperwork as evidence of savings when applying but I bet they never ask for it. That said if you get clobbered you complaining they didn't ask you won't stand up as a defence. Blindly signing up for something you think you are not eligible for will only come back on you.

Ah no you fill out the forms generally. They just dont ask for evidence.

But then we all do that every year with our tax return dont we? If you lie and get found out, its your look out.

[northernladuk]

Another thing to think of. JSA for 3 months. £950. Even in the unlikely event that HMRC say "right thats it no more expenses for you matey", you'd have to incur almost £5K in expenses before losing out.

I read it as being all your expenses from the start or your company or the period they can go back as they will have proved you are using a vehicle for short term contracts and not a long term relationship with your company... but who knows as per the last line.

Lucky there are so few contractors with under 16k savings+company money out there to make it an issue I guess.

[northernladuk]

Ah no you fill out the forms generally. They just dont ask for evidence.

But then we all do that every year with our tax return dont we? If you lie and get found out, its your look out.

Not sure how the tax return is a valid example? We fill it in as we are allowed to. You claim jobseekers without making them aware you have more than 16k** company money you are pushing fraud.

** depending on what you are claiming for.

[psychocandy]

Not sure how the tax return is a valid example? We fill it in as we are allowed to. You claim jobseekers without making them aware you have more than 16k company money you are pushing fraud.

I agree. But I never answer anything untruthfully.

I admit if you have savings then this would preclude you of course.

[MrMarkyMark]

You claim jobseekers without making them aware you have more than 16k** company money you are pushing fraud.

** if the 16k applies. Mentioned by some guides and not by others.

He no longer had it, though, he repaid his credit card.
In fact he probably repaid the Florida holiday

Legally difficult to prove he has done wrong, morally....?

[TheFaQQer]

Another thing to think of. JSA for 3 months. £950. Even in the unlikely event that HMRC say "right thats it no more expenses for you matey", you'd have to incur almost £5K in expenses before losing out.

No you wouldn't.

[psychocandy]

He no longer had it, though, he repaid his credit card.
In fact he probably repaid the Florida holiday

Legally difficult to prove he has done wrong, morally....?

Ah you're assuming I have morals....

[SueEllen]

Ah you're assuming I have morals....

Everyone's morals differ...

[NotAllThere]

Moderator message - certain comments about drawing dividends when you've made a loss, have been moved to here to enable appropriate sarcasm and opprobrium to be applied.

[psychocandy]

Everyone's morals differ...

Yes and mine extend to processing my financial affairs in the best LEGAL way for me.

(Oh hang on, don't a lot of us do this and avoid NI LEGALLY by paying low salary, and dividends)

My morals certainly don't extend to not doing something just because some stranger on a forum pontificates that, in their opinion, its just not right.

As I've always said, its easy to sit on your high horse and spout off on a forum that you're a 'proper' contractor and are so rich you wouldn't lower yourself to go to the job centre. I think in reality, a lot of you would claim just wouldn't admit it.

But I don't care. Claim or don't claim its up to you.