Couple of questions from a relative Newbie

[Will808]

I've been contracting for about a year using Paystream2000 - having read a couple of posts on here, I'm not too sure where I stand.

From previous conversations with them, I've been told that I can't leave them and take my Ltd with me. I'm not sure about this, as the setup has me as director, so as I see it, I'm paying them to essentially carry out company secretary / accounting work, and can take my company with me if I want to. Personally I haven't experienced any of the problems reported by other people, but will now be keeping an eye out, so any advice would be much appreciated.

The second question, on a completely different tack, is any advice on lease cars as a tax efficient saving. I'm considering something in the region of £200 - £250 a month, so nothing too fancy, but was wondering if this is tax efficient or not. I guess it depends on earnings, so at present I'm pulling in pro rata about £43k. My gut feeling is that I'd need to be more like 60k before it becomes efficient, but any opinions welcome. Oh, at present I'm doing about 15k mileage a year.

Many thanks for any suggestions on either point

[oraclesmith]

I don't know what contract you have with Paystream, but if you have appointed them as Company Secretary, you can unappoint them and appoint someone else (eg. a relative/partner or an accountant etc) with a simple board meeting with a resolution recorded in the minutes. Fill in the appropriate forms for Companies House and they will make the changes. You will need to ensure that you have possession of the company legal documentation such as the memorandum and articles of association, company minute book etc. If you haven't, or you find they have appointed themselves co-director then you're stuffed - see a lawyer.

[Will808]

If you haven't, or you find they have appointed themselves co-director then you're stuffed - see a lawyer.

I'd guess "stuffed" is the case then - I'm pretty sure they haven't appointed themsleves as co director, but they have all the paperwork. It's not too much of a problem, as they have told me that I'm free to walk away and start up a new company.

The relatively small amount that I'm earning means that I'm not so badly affected by any little stunts that could be being pulled, though I would be keen to see some VAT coming back - not being too well versed in accounting, I don't know if they hold onto that or if it is drip fed back to me - guess I ought to ask to speak to someone about a few things.

Thanks for the response.

[XLMonkey]

On the other point about leasing cars -- there are virtually no situations where you are better off by leasing a car through the company (as opposed to buying it personally). You will always end up paying a benefit in kind on your personal tax return, and this will almonst always mean paying more than buying privately.

Unless, that is, you start taking very short term contracts to move people from one location to another using a meter. In which case, can you do me a pick up from London Paddington in half an hour?

[Will808]

In which case, can you do me a pick up from London Paddington in half an hour?

Sure, but I don't go south of the river this time of night

That's kind of what I was hoping to hear though (if only because it saves me trawling lease sites all night), thanks.

[VectraMan]

The relatively small amount that I'm earning means that I'm not so badly affected by any little stunts that could be being pulled, though I would be keen to see some VAT coming back - not being too well versed in accounting, I don't know if they hold onto that or if it is drip fed back to me - guess I ought to ask to speak to someone about a few things.

If it's your company I can't see how they're holding onto VAT.

[Epiphone]

This morning I took delivery of all my company info from Paystream so it can be done. Feel free to PM or email me if you need a hand. You can even have my phone number. Anything to remove people from this awful company. All IMHO of course.

[Will808]

This morning I took delivery of all my company info from Paystream so it can be done. Feel free to PM or email me if you need a hand. You can even have my phone number. Anything to remove people from this awful company. All IMHO of course.

Definitely - PM on way, many thanks for the offer!