Is this a good set up?

[lje]

Doing your own self assessment is somewhat different from doing your company accounts.

WHS

I've always done my own self assessment (even including contracting / being not ordinarily resident in the UK and renting out my home) quite happily. There is far more to understand with doing your own company accounts. If there's any chance you could get yourself in a pickle then get an accountant.

[djhns]

Originally posted by Thefaqqer

I disagree - there are lots of opportunities to make little mistakes that result in big problems later on. There are plenty of things that an accountant will know that you won't (without lots of research) - what's an allowable expense? how do you account for depreciation on your fixed assets? what do you need to do for your payroll? what do you need to do for your P60 at the end of the year? what information do you need to include on your P11D? what are the key deadlines throughout the year? Routine stuff for an accountant, but not something I would relish learning about. I did accounting as part of my degree, and I have no wish to revisit it now.
__________________________________________________ ___

Well, when i did my last set of accounts for the previous company i had. Most help came from the HMRC website regarding depreciation. Regarding all the P60, P11, the hotline was quite helpful with advice and assistance. All deadlines were met as HMRC or CompaniesHouse do send correspondences. Maybe i will get an accountant to do it. this time and see how things goes. I spoke to one today and they said because of my situation where it will be only 6mth it may not be worth setting it up and closing it down. The other problem is if i don't have work, i will still need to pay the usual £150 per month. However, they did suggest some off-shore scheme where i get paid basic salary and the rest to be given as a loan/bonus. That way is an effective take home pay of 80%. i'm a little suss as i am thinking of applying for a homeloan soon so will need to speak to them again next week. Maybe this could be a better option.....will see.

[djhns]

Thanks *Claire*

[malvolio]

Year end accoutns are dead easy - providing you understand retained profits, allowable expenses, CT calculations, depreciation, directors loan reconciliations, VAT and a few other things. Worrying about CGT is pointless untill you're in your third year, also for various very good reasons. Gifting shares to SWMBO with no reduction in net taxation is pointless.

Get it into your head - you need an accountant. Once you understand how it all works, you may not but right now...

[TheFaQQer]

they did suggest some off-shore scheme where i get paid basic salary and the rest to be given as a loan/bonus. That way is an effective take home pay of 80%. i'm a little suss as i am thinking of applying for a homeloan soon so will need to speak to them again next week. Maybe this could be a better option.....will see.

Off shore is definitely the way to go - that's what any sane contractor does. Anyone who tells you any different is wrong - just check out the BN66 threads for details of all the smart guys that have been doing it for years.

[djhns]

Off shore is definitely the way to go - that's what any sane contractor does. Anyone who tells you any different is wrong - just check out the BN66 threads for details of all the smart guys that have been doing it for years.

Ok.. i will check out the link. thanks muchly.

For people are currently contracting through offshore companies. How does applying for a homeloan work. just wondering how they substantiate the income.

[malvolio]

Ok.. i will check out the link. thanks muchly.

For people are currently contracting through offshore companies. How does applying for a homeloan work. just wondering how they substantiate the income.

I believe the expression is "Whoosh"...

[NotAllThere]

Is this a good set up? ...
For people are currently contracting through offshore companies

What, like those in the BN66 thread? They've been very well "set up". By the govt.

[cojak]

Ok.. i will check out the link. thanks muchly.

For people are currently contracting through offshore companies. How does applying for a homeloan work. just wondering how they substantiate the income.

What type of offshore company? Are you talking about IoM companies giving you a loan?

This thread might give you some info...

As will this....

[djhns]

Off shore is definitely the way to go - that's what any sane contractor does. Anyone who tells you any different is wrong - just check out the BN66 threads for details of all the smart guys that have been doing it for years.

I've skimmed through it. They seem to be talking about other topical issues. Anyone recommend an organisation which offer such offshore structures?

So are most smart contractors on this forum going by these schemes?