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This is a good one!

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    #1

    This is a good one!

    From the Immigration boards again!!

    Hi,

    I have a limited company and I am the director of it. I have not made much revenue. I have a registered for flat rate scheme. my flat rate scheme is 14.5 %.

    I want to know if the money benefited from VAT flat rate be extracted as salary or dividend that can be shown to UKBA.

    Example :

    My company makes revenue 2400 pounds including VAT

    As I am registered for flat rate I pay only 348 pounds to HMRC and NOT 400 pounds

    so the remaining money is 2052 pounds and NOT 2000 pounds.

    so can I extract 2052 pounds as salary/dividend OR should I extract only 2000 pounds as salary/dividend ?

    I am worried because HMRC says that 52 pounds benefit I get from flat rate scheme is actually like expense (like an average expense that company may incur)

    so since this 52 pounds is like expense, can i extract it as salary/dividend ?

    PLEASE HELP ME I NEED TO APPLY FOR VISA IN A FEW DAYS

    THANKS
    Bob
    Tags: None
    #2
    Oh. Where to start

    Comment

      #3
      Originally posted by Bunk View Post
      Oh. Where to start
      How about showing it to UKBA?

      Comment

        #4
        Report it to UKBA. What an absolute fraudulent ****.
        I have finished my studies and I'm looking for work. If anyone's interested:

        - I make excellent coffee.
        - I'm ethically flexible. Very open-minded.
        - I live within my means, no financial risks, no gambling.
        - I don't have a religion, so no sneaky conversion attempts.
        - I buy the first round.
        - Easily adaptable to new groups, environments... go with the flow type.

        Comment

          #5
          Originally posted by Kurzon View Post
          Report it to UKBA. What an absolute fraudulent ****.
          Where's the fraud?

          If you are on FRS, then you pay corporation tax on the profit you make from it. After that, you can pay it out however you want.
          Best Forum Advisor 2014
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          Comment

            #6
            Indeed. So he can basically take £41.60 of that £52.
            Originally posted by MaryPoppins
            I'd still not breastfeed a nazi
            Originally posted by vetran
            Urine is quite nourishing

            Comment

              #7
              Originally posted by TheFaQQer View Post
              Where's the fraud?

              If you are on FRS, then you pay corporation tax on the profit you make from it. After that, you can pay it out however you want.
              He wants to take the lot as sal/div - the whole 2k earnings - no regard for any CT etc. Leaving the VAT tho!

              Comment

                #8
                Originally posted by stek View Post
                He wants to take the lot as sal/div - the whole 2k earnings - no regard for any CT etc. Leaving the VAT tho!
                * cough * company loan * cough *

                Maybe we could point him at one of the BN66 schemes to maximise his profit

                Comment

                  #9
                  Originally posted by stek View Post
                  He wants to take the lot as sal/div - the whole 2k earnings - no regard for any CT etc. Leaving the VAT tho!
                  So where does UKBA fit into that?
                  Best Forum Advisor 2014
                  Work in the public sector? You can read my FAQ here
                  Click here to get 15% off your first year's IPSE membership

                  Comment

                    #10
                    Originally posted by TheFaQQer View Post
                    So where does UKBA fit into that?
                    He needs to show earnings for his visa application it seems. £2k won't be enough though.

                    Comment

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