Working Plan A and B

[Cooperinliverp00l]

Currently work for own LTD co but have the chance of buying a property to renovate and sell on. If at the end of my current contract i decide to spend the 3 months on Plan B do i still remain an employee of Plan A LTD Co and just suffer the extra tax on the profit i make from PLAN B or do i need to leave LTD co do Plan B and then return when i want to ? How do you think this would all look on Self Assesment form.

Is anyone else doing something similar and can share their advice and wisdom.

Big thanks in advance

[sathyaram_s]

You can continue taking salary from your ltd co. That is not a problem.

But if you feel that tax is expensive, you can stop taking salary and submit a nil PAYE each month/quarter or alternatively, you can inform the tax office of temporary suspension of your PAYE.

If Plan B will be providing a salary, then you declare it as a second employment in the SA form.

The usual, IANAA,IANAL, disclaimers apply

Currently work for own LTD co but have the chance of buying a property to renovate and sell on. If at the end of my current contract i decide to spend the 3 months on Plan B do i still remain an employee of Plan A LTD Co and just suffer the extra tax on the profit i make from PLAN B or do i need to leave LTD co do Plan B and then return when i want to ? How do you think this would all look on Self Assesment form.

Is anyone else doing something similar and can share their advice and wisdom.

Big thanks in advance

[Bright Spark]

The tax you pay on buying and selling house will be subject to capital gains CGT, there is approx. £8800 allowance after which any profit is subject to
tax. This should not affect your status as an employee of plan A ltd, and
you don't have to leave plan A ltd.

Further info on CGT below.

http://www.hmrc.gov.uk/leaflets/cgtfs1.htm

[ittony]

Currently work for own LTD co but have the chance of buying a property to renovate and sell on. If at the end of my current contract i decide to spend the 3 months on Plan B do i still remain an employee of Plan A LTD Co and just suffer the extra tax on the profit i make from PLAN B or do i need to leave LTD co do Plan B and then return when i want to ? How do you think this would all look on Self Assesment form.

Never mind how this would look on Self Assessment form. How's it going to look on Balance Sheet? This must be just about the worst time in living memory to be putting money into property.