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Draw salary from my limited company when out of contract

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    Originally posted by northernladuk View Post
    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.
    Rhyddid i lofnod psychocandy!!!!

    Comment


      Originally posted by psychocandy View Post
      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.
      'CUK forum personality of 2011 - Winner - Yes really!!!!

      Comment


        Originally posted by psychocandy View Post
        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.
        Last edited by northernladuk; 12 January 2016, 14:31.
        'CUK forum personality of 2011 - Winner - Yes really!!!!

        Comment


          Originally posted by northernladuk View Post
          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.
          Rhyddid i lofnod psychocandy!!!!

          Comment


            Originally posted by northernladuk View Post
            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....?
            The Chunt of Chunts.

            Comment


              Originally posted by psychocandy View Post
              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.
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              Comment


                Originally posted by MrMarkyMark View Post
                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....
                Rhyddid i lofnod psychocandy!!!!

                Comment


                  Originally posted by psychocandy View Post
                  Ah you're assuming I have morals....
                  Everyone's morals differ...
                  "You’re just a bad memory who doesn’t know when to go away" JR

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                    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.
                    Down with racism. Long live miscegenation!

                    Comment


                      Originally posted by SueEllen View Post
                      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.
                      Rhyddid i lofnod psychocandy!!!!

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