I did a lot of reading before jumping into contracting so knew about the 40% when breaking the div / salary threshold but I was surprised at the pay-forward on expceted Tax until picking it up on a thread then running off to do some research.
I don't think until you've 2 or more years full accounts under your belt that you really start to understand the in's and out's.
You could do as suggested and keep all monies due in a seperate account and still fall fowl of this 50% pay-forward.
My first set of annual accounts I lightly skimmed, checked a few totals and thought looks OK. Second year I was all over them and had multiple re-dos - the values changed by less than £100 in the end but at least I was sure they were correct.
But if the OP had held a warchest of any sort then it should have absorbed such shortcomings. So rather the motto should be don't piss everything against the wall as the unexpected will happen at some point or another.
I don't think until you've 2 or more years full accounts under your belt that you really start to understand the in's and out's.
You could do as suggested and keep all monies due in a seperate account and still fall fowl of this 50% pay-forward.
My first set of annual accounts I lightly skimmed, checked a few totals and thought looks OK. Second year I was all over them and had multiple re-dos - the values changed by less than £100 in the end but at least I was sure they were correct.
But if the OP had held a warchest of any sort then it should have absorbed such shortcomings. So rather the motto should be don't piss everything against the wall as the unexpected will happen at some point or another.
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