Hi,
I'm just checking something
I am inside IR35 working through my own limited company - expensive setup but legal and straightforward - or so I thought
As I dont have a pension - my plan always was to put everything I made into one - to reduce tax/NI .
As long as I did this before the end of the tax year i thought this would be OK.
Now - my accoutants have told me I cant do this - as 'payroll' has already been calculated for the last few months - I can only use invoices I sent in over the last few weeks (since last payroll was worked out) - Is this true ?
Also - they have told me , just today, that the 5% no questions asked tax break you get for company expenses - must be used - you cant just deduct it - you have to have real expenses to show for it in order to claim it -
otherwise you have to pay Corporation Tax on what you did not spend
Is that correct ?????????
Mnay Thanks for reading and any replies!!
I'm just checking something
I am inside IR35 working through my own limited company - expensive setup but legal and straightforward - or so I thought
As I dont have a pension - my plan always was to put everything I made into one - to reduce tax/NI .
As long as I did this before the end of the tax year i thought this would be OK.
Now - my accoutants have told me I cant do this - as 'payroll' has already been calculated for the last few months - I can only use invoices I sent in over the last few weeks (since last payroll was worked out) - Is this true ?
Also - they have told me , just today, that the 5% no questions asked tax break you get for company expenses - must be used - you cant just deduct it - you have to have real expenses to show for it in order to claim it -
otherwise you have to pay Corporation Tax on what you did not spend
Is that correct ?????????
Mnay Thanks for reading and any replies!!
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