Self employed contract hire

[ASB]

I imagine they said "anything coning from this account is an employer contribution".

The reason for labouring the point: A good friend was making employer contributions of a regular amount. One year he made a substantial one off payment towards the end of year.

It...

[ASB]

Well yes. so they "know" it is an employer contribution because they assume it is.

In other words they need notifying of every incoming payment that isn't.

They do have a form which is intended to be used, or phone.

I don't doubt it worked for you, but...

[ASB]

It depends. You mentioned vanguard. They will accept cash or vanguard funds and etfs.

Whether hl will he prepared to effect the transfer of any vanguard funds tou hold is purely a matter for them.

[ASB]

But I don't think it works that way. If "you" make a contribution "you" don't claim tax relief relief it.

https://www.gov.uk/tax-on-your-priva...ion-tax-relief
Thus the provider has to know for each and every contribution whether it is an employer...

[ASB]

But how do HL then know that it is an employer contribution and not a personal one ? It matters since the former gets no tax relief (a gross contribition is paid) the latter get tax relief automatically applied (a net contribution is paid)...

[ASB]

Yes but .....

A salary sacrifice type payment should be much better than a personal payment and it may be worth tolerating excessive transfer costs.

It just depends on what the umbrella will do....

[ASB]

There is also a question as to whether it is worthwhile claiming from the company at all.

If you don't you can claim the difference between the AMAP rate of 45p/25p and what is actually paid against your gross income via SATR.

It is possible in a few cases that this yields...

[ASB]

They stay in there.

You can of course choose to withdraw them (and anything else in there) subject to the drawdown rules and taxation.

Though I assume you are under 55 so the above is not relevant if so....

[ASB]

Possibly. It depends on the individual circumstance. Age can be important too.

Any form of pre nup might help but no guarantee.

In essence both parties enter rhe marriage with their respective things and it is joint property. As is property gained through the marriage.
...

[ASB]

Yes cost is less of an issue. It is amortised across a greater estate. There are a number of standards which help. Assuming of course any of these are implemented in the target system.

The major SCO Providers all provide a defined SCO to POS interface and implementation of it so there is...

[ASB]

Initial self scanning (mid 90s) loss actually dropped. This was quite surprising but the main reason seemed to be people not cancelling things they had changed their mind about.

As self checkout appeared (about 03/04 was the first except for one notable case) there wasn't much change. Obviously...

[ASB]

You might post on Accounting Web. But they will tear you a new bottom too.

It is a little complex, but in essense:-

1) There is a profit or loss on each transaction against its original purchase price. This is subject to CT.

2) You need to revalue annually. This...

[ASB]

Just give them an invoice. Stick in "any other income" on your tax return. Done.

[ASB]

If you pay into a pension privately then you get an automatic base rate credit.

So pay in 80 and your contribution becomes 100.

Any additional credit is knocked off your tax bill via SATR (ie you are a higher rate taxpayer).

Of course the amount tou can get relief...

[ASB]

Out of interest which umbrellas do allow salary sacrifice into
a) A pension scheme of their choosing (which may subsequently cost to transfer it where you really want it)

b) A pension of your own choosing.

A friend still contracting and now IR35'd couldn't find any that...

[ASB]

You can't "make" your co dormant. If it so happens that a company was dormant then dormant accounts may be filed.

Your co won't be if it has any substantive transactions during its AP. From your description it will.

Think carefully about the mechanics of pension if...

[ASB]

It seems bizarre in the extreme that anybody would think this would work (ie the fee be tax deductible) even if they did bother anyway given the cost is 20% and the saving is about the same.

[ASB]

Op, I do have a certain amount of sympathy. The question boils down to whether or not they breached any real contract you had with them.

Without sight and many more details nobody can know.

The first problem is "what contract". Given the contractual chain you described...

[ASB]

My lad is a self employed chippie (not vat reg).

He is about to contract hire a van.

I am trying to decide which way to deal with his motoring expenses.

The simple way is claim nothing against his business income but expense 45p/25p. Parking etc still claimable....