Help -Fee recieved as an Individual, not via Limited question

[ladymuck]

As the forum borked the question...

Thanks in advance for reading this and I've searched the forum and not found some comparable insight, any advice on the following is gratefully recieved:

I took on a contract about a year ago where they paid me as an Individual, not through my Limited Company, which it should have. This amount came from a North American IT client and paid me in Euros. I had a seperate Euro-recieving account to recieve the fee.
I've been sick with long-Covid and haven't touched the amount, now obviously need to sort out how to do the accounting for this.

Can I transfer it to my Limited and amend those entries presently? That would mean transferring sums from a personal account to my company. Or do I need to declare it on self assessment seperate to income?

The other info I found was this: https://www.ey.com/en_uk/tax/what-ar...-gains-letters

Any insights appreciated.

It sounds to me like you gave the company your personal bank details and not your Ltd Company bank details? If so, why?

Was the contract to your Ltd Company or was it just your name on the paperwork?

Was there any VAT to account for? If so, what happened to it?

This raises far more questions than answers and I assume you weren't suffering with long covid all the while you were signing contracts, taking legal advice, doing the work, raising the invoices and being paid so why should that be a factor now?

[hobnob]

I've seen a few people re-post questions like this. ladymuck, how did you see the original? (Just curious.)

GalContractor2873, I'd suggest reading through this discussion from a couple of years ago:
Help! Contracting with US company while in UK - Contractor UK Bulletin Board

Related to that, did the client ask you to fill in a form, so that they wouldn't deduct 30% in taxes? If so, was that the W-8BEN (for an individual) or a W-8BEN-E (for a company)?

[ladymuck]

I've seen a few people re-post questions like this. ladymuck, how did you see the original? (Just curious.)

You go to Latest Activity at the top of the board and then click the More... Link on the target post and it displays it in full. Then it's just a case of copy/paste into a new thread and hope it works.

[northernladuk]

Do you have an accountant?

[Snooky]

I've been sick with long-Covid

As a complete aside to the subject in question, you have my sympathy. I've been suffering from long COVID for 2 years now, it's completely changed* my life although, as I work almost entirely from home, I've been fortunate enough to be able to continue to work so I count myself luckier than many I know of. But it's changed so much about what I previously took for granted, it's unreal.



* - I was going to use a much earthier verb but realised the forum software mightn't like it.