End of contract (laptop expense and salary)

[psychocandy]

Why are you the only person on here or anywhere that gives this advice? Its not in the newbies guides, I've never heard my accountant suggest this and may of the respected posters on here have never put this forward.

I think you've defended it for so long you can no longer see the wood for the trees. In your fantasy land this is a viable option but not in anyone else's. Does this fact not occur to you?

Generally, I ask my accountant questions about running my business. Nothing to do with PERSONAL benefit claims. In the past I've asked the Jobcentre about that.

Then again, neither do I ask my accountant to review my contracts. Everyone has their own role ;-)

I don't 'give advice' I'm merely pointing out that its possible. Whether the OP claims or not I don't care. If he decides he cant be bothered or thinks its morally wrong then again I dont care.

[northernladuk]

@OP.. Don't forget about claiming VAT back on capital assets over 2k if you are going to be spending a lot but take careful note of the rules. Your accountant should be your first port of call for questions though.

Claiming back VAT on capital assets over £2,000

And plenty of threads on it from here...

https://www.google.co.uk/webhp?sourc...ntractoruk.com

[missinggreenfields]

This could be my last month of contract with my current client and possibly it won't be extended. I was in the process of buying a MacBook for work but as there is rumour that new MacBook might be coming out next month.

Making technology decisions on what might be around the corner is a path to never buying anything.

My question is that if my contract doesn't get extended after this month and I have no more work, would I still be able to buy MacBook and use it as business expense next month? Even though I might be not Working but actively looking for a job and hoping to continue

Yes.

2nd question, do I really need to take any salary if I am off work? I have money saved up for the time I'm off work but for tax purposes, is it of any benefit to carry on claiming salary?

Why wouldn't you pay salary? Assuming you run the business on the "usual" low salary, high dividend model, then you won't be paying any income tax or NI (unless you are claiming the employers allowance, in which case paying salary is a given), so paying salary from the company means that you reduce the profit the company makes and therefore reduce the corporation tax bill. Plus, you get the money into your pocket at nil tax rates rather than having to possibly pay tax in the future on that money.

If you're worried about the company running out of cash if you pay salary, then pay the salary (or declare it on RTI) and then don't actually transfer the money - let that amount accrue in the director's loan account, so that the company owes you the money when it can pay you it. That gives you all the tax benefits and none of the cashflow worries.

Your accountant should be able to explain this to you further.

[dx4100]

Why are you the only person on here or anywhere that gives this advice?

Erm...

Contractor Doctor: Can I claim Job Seekers Allowance if I have a limited company?

[psychocandy]

Erm...

Contractor Doctor: Can I claim Job Seekers Allowance if I have a limited company?

Nice one. To be fair, it is a few years out of date though so some of the quoted limits have changed I think.

So NLUK - any comment?

[northernladuk]

Nice one. To be fair, it is a few years out of date though so some of the quoted limits have changed I think.

So NLUK - any comment?

Nope, got me there... Although Contractor Doctor does also have an article about faking sick leave as well.......

Contractor Doctor: Should I fake sick leave to avoid complications with my agency?

[dx4100]

Nope, got me there... Although Contractor Doctor does also have an article about faking sick leave as well.......

Contractor Doctor: Should I fake sick leave to avoid complications with my agency?

Ah the old grasping at straws in the face of failure trick... Well played....

[northernladuk]

Ah the old grasping at straws in the face of failure trick... Well played....

LOL.. I don't think so....

[Lance]

Nope, got me there... Although Contractor Doctor does also have an article about faking sick leave as well.......

Contractor Doctor: Should I fake sick leave to avoid complications with my agency?

Haha. That article is hilarious. The basic premise seems to be "I'm ill so should I fake sickness?" WTF???

[psychocandy]

Don;t think nluk read the article. The advice seems to be "be honest"