Some of you won't like the draft Economic Crime and Corporate Transparency Bill then!
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Keeping company finances private?
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It is quite eye-opening the first time you realise you can look up filed accounts for any Ltd company. You wife or nosy-next-door-neighbour can quite easily get an idea what you earn as a contractor.
One common thing is not to use your home address as your business address because you can easily look up company/director by address. And don't name your company something very obvious like your name.
If you have a common name then there are probably loads of people with your name owning businesses. You can deter someone idly trawling Companies House but that's all.Originally posted by MaryPoppinsI'd still not breastfeed a naziOriginally posted by vetranUrine is quite nourishingComment
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Originally posted by jamesbrown View PostWere HMRC to investigate, they would likely (correctly) consider it all part of the same trade and treat the overall income as income to your company..Comment
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Originally posted by elpail View Post
Thanks, that's going to be the issue. The client profiles, and their requirements, are so vastly different I'm hoping there's a possibility that HMRC could be convinced.Comment
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Originally posted by northernladuk View Post
You aren't generally compelled to do anything. There is just a right way, an inefficient way and a wrong way. These are usually driven by the options available from the client and the most tax efficient way of doing this. Is Client A paying you personally a real thing? They are offering to do this or are you just making scenarios up? Pretty unusual for clients to pay direct. Almost impossible to get a gig with an agent in the chain to pay you personally as well. Why have them pay you personally where you have to pay full tax on it when you could put through a LTD to leverage low pay high divs etc.
You will need an accountant to help you with your LTD and work your tax out with a complex payment setup like yours so speak to them about the rest of the stuff. We can't educate you on every scenario with such little detail. You need a fundamental understanding of it all to be able to put jigsaw pieces together like this.
Ok I'm off to find that accountantComment
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Originally posted by elpail View Post
Thanks again. There's no agents involved and personal payments are not uncommon. Regarding agents, I was told by a colleague recently that online "expert networks" will pay him directly into his personal account.
Ok I'm off to find that accountant'CUK forum personality of 2011 - Winner - Yes really!!!!Comment
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Originally posted by cojak View PostI would advise not telling your neighbours that you have a company in the first place.
That's how I found out my **** of a neighbour has a side hustle.Comment
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Originally posted by TheDude View Post
On some websites if you search for address by postcode you will see limited companies in the list of returned addresses.
That's how I found out my **** of a neighbour has a side hustle."I can put any old tat in my sig, put quotes around it and attribute to someone of whom I've heard, to make it sound true."
- Voltaire/Benjamin Franklin/Anne Frank...Comment
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I really cant believe the circles that have been gone round in this thread to answer such a basic question: No, you cannot 'hide' what income you \ your Ltd has made in each accounting period.
It is the law to produce account which, surprise, surprise, give an overview of what was earned and what allowed expense there were leaving, hopefully, a profit.
Try circumvating that and you will be in trouble. However, you dont have to tell neighbours, friends and even family the name of your Ltd so they would have a hard job finding the info you do not want to disclose.
If you dont operate an Ltd, for UK contracting, your only other legal option is an umbrella.
If you work through agencies or even direct, the hirer will not accept any other vehicle except these two and certainly not a sole trader \ personal arrangement.I couldn't give two fornicators! Yes, really!Comment
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That’s what happens when you’re too indulgent!"I can put any old tat in my sig, put quotes around it and attribute to someone of whom I've heard, to make it sound true."
- Voltaire/Benjamin Franklin/Anne Frank...Comment
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