Originally posted by Dandyman
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Ltd Company - (Money)
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Science isn't about why, it's about why not. You ask: why is so much of our science dangerous? I say: why not marry safe science if you love it so much. In fact, why not invent a special safety door that won't hit you in the butt on the way out, because you are fired. - Cave Johnson -
Originally posted by gingerjedi View PostThats what accountants say, if it's over 5k then its BIK therefore taxable.
People, you need to remember that even though you are a director of the company you are still subject to the same (if not worse) tax rules as any employee.Comment
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Where are you getting £5k from?
I can only see reference to £15k in the attached link
http://www.hmrc.gov.uk/ct/returns/director-loan.htmComment
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Originally posted by wasiter View Post... i found very annoying where i can see my money but, i can't touch it...
Just go into the bank and withdraw the money anytime you like. The bank statements come to you so of course it is your money.
Pay off your credit card bills as soon as you can and then you can start enjoying all that lovely money that is yours to do with what you want.
IANAL, IANAA etc.Comment
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Originally posted by Dandyman View PostWhere are you getting £5k from?
I can only see reference to £15k in the attached link
http://www.hmrc.gov.uk/ct/returns/director-loan.htmComment
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Originally posted by techno View PostIt is your money...you have worked hard for it. Don't listen to the others on here.
Just go into the bank and withdraw the money anytime you like. The bank statements come to you so of course it is your money.
Pay off your credit card bills as soon as you can and then you can start enjoying all that lovely money that is yours to do with what you want.
IANAL, IANAA etc.Comment
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Originally posted by Bengal View PostMate you are confusing what is considered to be a directors loan for corporate tax purposes (£15k limit) and what a beneficial loan is for benefit-in-kind purposes (£5k limit).Last edited by Dandyman; 7 May 2009, 16:25.Comment
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Originally posted by Jaws View PostHow can Gym membership be considered a business expense? Are you a fitness instructor?
big co - may have a gym in the office or pays for gym membership at a local club - employee may have to pay tax on the benefit, but this would in effect be 40% of the cost (maybe higher when the new tax bands come in!). The big co will I bet be claiming all the memberships or cost of running the in-house gym as an expense (am I wrong?)
little contractor - can't claim the gym costs - full stop.This default font is sooooooooooooo boring and so are short usernamesComment
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Originally posted by Dandyman View PostI'm a bit confused, still can't see a reference to this £5k limit. All the HMRC site seems to suggest is that the money has to be stated on the return as a director's loan if not in the account at year end, and if not paid back by nine months one day after year end, 25% interest is charged? I don't see any reference to limits, or a stipulation as to when a loan may be considered a BIK rather than simply a director's loan??Science isn't about why, it's about why not. You ask: why is so much of our science dangerous? I say: why not marry safe science if you love it so much. In fact, why not invent a special safety door that won't hit you in the butt on the way out, because you are fired. - Cave JohnsonComment
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Originally posted by wasiter View PostHi all,
I run a LTD company and i have an accountant and he allows me to take £500 (PAYE) and £2000 (divident) and iam claiming expenses for petrol, car insurance, mobilephone, GYM and ofcourse FOOD.
Now, very basic question IS THERE ANY OTHER WAY (MORE MONEY) I CAN TAKE MONEY FROM MY COMPANY ACCOUNT?
My accountant is telling me that i should pay 40% TAX for that... he is asking me to do OFFSET MORTGAGES if i have to take money out...
I still have some credit card debts to pay now the £2500 (PAYE + Divident) is not enough to pay off my bills... i found very annoying where i can see my money but, i can't touch it...
Iam not trying to cheat the HMRC to take more money iam just looking @ the options available to take the money OUT...
Any suggestions plz?
ThanksThis default font is sooooooooooooo boring and so are short usernamesComment
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