BN66 - Time to fight back: Continued

[smalldog]

I think I know the answer to this one already but....

if my LTD co. has sufficient funds to buy a CTD do I have to pay it to myself in person as a dividend incurring tax and then buy CTD with the net. Or as I am a director paying a tax bill can I take the money out of my LTD to pay for a CTD directly without needing to make it a dividend? If the former then I am paying dividend tax on monies going to Hector to pay a tax bill which doesnt make a lot of sense, double taxation in that case....

[BrilloPad]

I think I know the answer to this one already but....

if my LTD co. has sufficient funds to buy a CTD do I have to pay it to myself in person as a dividend incurring tax and then buy CTD with the net. Or as I am a director paying a tax bill can I take the money out of my LTD to pay for a CTD directly without needing to make it a dividend? If the former then I am paying dividend tax on monies going to Hector to pay a tax bill which doesnt make a lot of sense, double taxation in that case....

I think it is the same as paying a personal tax bill with limited money i.e. you will probably get it disallowed, penalties and a HMRC limited company audit!

These things always seem to backfire - I had a friend who put a kitchen through his ltd and regretted it big time.

Mind you - 20 years ago I had a friend whose accountants encouraged everyone to pay themselves a finders fee for finding the ltd the contract! Of course it is not allowable - 50% were disallowed by HMRC - but 50% got through!

Lets face it - if we lose HMRC will crawl all over us so why take the risk?

[kiwinlondon]

I think it is the same as paying a personal tax bill with limited money i.e. you will probably get it disallowed, penalties and a HMRC limited company audit!

These things always seem to backfire - I had a friend who put a kitchen through his ltd and regretted it big time.

Mind you - 20 years ago I had a friend whose accountants encouraged everyone to pay themselves a finders fee for finding the ltd the contract! Of course it is not allowable - 50% were disallowed by HMRC - but 50% got through!

Lets face it - if we lose HMRC will crawl all over us so why take the risk?

They sure will.... using Non disclosure and hope they dont investigate... bit like people being in or out of IR35... you only really find out when you go to court ;-)

[smalldog]

as I thought...!!

[BrilloPad]

They sure will.... using Non disclosure and hope they dont investigate... bit like people being in or out of IR35... you only really find out when you go to court ;-)

I know one of the first 5 in the scheme who has never had ANYTHING from HMRC! Of course HMRC have 40m tax returns to look at - we are but a drop in the ocean. I bet more than montp are not the only provider.

The IR35 has had about 1000 sccesses and 5 failures? I think the pcg have it on their website? ah yes 1462 vs 6! that is IR35 and S660a.

To be honest I dont think our chances are 1456/1462(99.6%)! more like 80% - though others will disagree - and of course I am not on of the 50 in the UK qualified to comment!

[Rainham]

MP Letters

Just to keep this bit of the thread rumbling I had a letter in the post today from my MP, Mr Hugh Robertson. To cut to the chase it was a positive and one paragraph was:

"In view of the serious nature of the issues that you raise, I will write today to the Chancellor of the Exchequer. I will let you know as soon as I receive an answer."

I know it's not much really but if we all push out MP's for a response we may get some support going from the opposition parties about this again.

[stuffed]

MP Letters

Great news Rainham.

Look forward to a follow up from your MP who seems to be on the ball.

Curiously, how long did you have to wait to get a reply?
It has been 2-3 weeks since I sent my letter to them, and am wondering on the usual timeframes for getting a response.

[BrilloPad]

Just to keep this bit of the thread rumbling I had a letter in the post today from my MP, Mr Hugh Robertson. To cut to the chase it was a positive and one paragraph was:

"In view of the serious nature of the issues that you raise, I will write today to the Chancellor of the Exchequer. I will let you know as soon as I receive an answer."

I know it's not much really but if we all push out MP's for a response we may get some support going from the opposition parties about this again.

very well done

please keep us updated

[BrilloPad]

JUst a small bit of info I heard today - HMRC moved the goalposts for tax return submission this year.

In contrary to the PM I sent someone earlier (sorry ) paper ones have to be submitted by end of Oct or else you have to do online.

I dont think it best to say publicly what montp are doing - anyone who wants to know can PM me. Am I being too cautious? maybe.....

[Rainham]

MP Letter

To be honest I was a bit surprised myself! Mr Robertson replied on the 17th September to me contacting him on the 4th September. I will keep you posted on any further correspondence I get.