HGV driver. inside IR35 preparing own accounts.

[MyUserName]

As a director you do an SA anyway.

It's not hard if you have easy to work out income which you will unless you have loads of investment income.

HMRC can then exempt you from doing a SA, but talking to my mates on PAYE you are only exempt if HMRC sees they owe you money year after year.

I got told this year that provided nothing changes (now I have been perm for 2 years) I do not need to do another SA.

[TheCyclingProgrammer]

You'll need to submit a corporation tax return and accounts for your company, even if it hasn't made any taxable profit (because its all been paid to you via PAYE).

If all your income is taxed already and you have no other untaxed income then there is no need for you to register for self-assessment. HMRC will send you a notice to file a tax return if they think otherwise. If you're already registered and receive a notice to file a tax return you will need to complete one.

You should put yourself down as a director when doing the payroll if that is what you are.

[IR35 Avoider]

I thought there was a cut off of around 30k where it wasn't worth running a LTD and an umbrella would be OK?

I've just fiddled with one of my spreadsheets, and I reckon with about 30K income I'd make about £770 on flat rate VAT which would fall short of paying the accountants bill by £160. No umbrella is going to cost less than £160.

When I last used an umbrella, I had to pay higher National Insurance than if I'd had the same salary via a company, because I no longer had an annual pay period. (It may not make much difference if you work full time, but if you work intermittently then NI is deducted for the weeks/months you work via an umbrella at a rate that assumes you will earn the same in every other week/month. )

[lorryman]

@TheCyclingProgrammer
Thanks you are right paye would be director. and I would have to submit nil ct600 too.

@IR35 avoider
You pay less Ni in your company because you run paye as director as oppose to employee that mostly umbrellas do.
Would you mind please sharing your spreadsheet with me.. I can PM my email to you.

Also anyone knows of filing software cheaper the Taxfiler (£120) with no sunscription but pay as you go filing?
I knew one but I forgot the name now when I need it It was one of the software provider on HMRC list I gues it was like £30 or something.

Thanks

[Fred Bloggs]

@TheCyclingProgrammer
Thanks you are right paye would be director. and I would have to submit nil ct600 too.

@IR35 avoider
You pay less Ni in your company because you run paye as director as oppose to employee that mostly umbrellas do.
Would you mind please sharing your spreadsheet with me.. I can PM my email to you.

Also anyone knows of filing software cheaper the Taxfiler (£120) with no sunscription but pay as you go filing?
I knew one but I forgot the name now when I need it It was one of the software provider on HMRC list I gues it was like £30 or something.

Thanks

I seem to recall some folks here using a free on line PAYE solution, sorry I can't recall it's name.

[lorryman]

I seem to recall some folks here using a free on line PAYE solution, sorry I can't recall it's name.

Thanks.. I know about the PAYE yes it is called Basic PAYE tools.
https://www.gov.uk/basic-paye-tools

my question about the corporation Tax return filer..

I have found it now. It is on HMRC approved list.
https://www.gov.uk/government/public...ware-suppliers

Its called Quality Management software.
Quality Management Software Ltd - saol

only cost £26. [you must have Excel installed though]

I'll make full list once I get a time to outline how to do your own PSC accounts, payroll etc..
I have studied accounting so I know the business side of it but I have did corporation tax and sepecifically inside IR35 accounts sO I am sure some one will benefit from my experience.