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Recent content by chuddy

  1. C

    What types of accounts for mortgages?

    When I apply for a mortgage, will the bank need my accounts to be audited my a chartered accountant?
  2. C

    company car

    BMX it is then...
  3. C

    interest payments

    sorry, my mistake, I thought that all dividends earned below upper limit were taxable at 32.5%, but they are subject to only 10% tax at the £1 - £2150 level - just like earnings from interest. :spank:
  4. C

    company car

    OK, understand about BIK and how the value of the car to the employee is worked out etc... however, this is only relevant for cars that are given to employees. What I am suggesting is that my company owns a car that can only be used for business purposes - i.e. there is no BIK to an employee...
  5. C

    interest payments

    Would it be more tax efficient to make sure that my taxable income from 0-2150 comes from interest? This would only be taxed at the 10% income tax rate. Little academic I know since it will be a small amount of money, but just wanted to know that I understand what you are saying. :banana...
  6. C

    company car

    Oh, and what is BIK?
  7. C

    company car

    Hi Sockpuppet, Thanks for the reply. I was just totting up the costs of running a car and there didn't seem to be much point in just claiming the 40p a mile since it would probably cost more than that when considering servicing/fuel/insurance/depreciation and cost of capital. I just thought...
  8. C

    interest payments

    From a personal tax point of view, are interest payments subject to regular income tax, but not NI? Is it better to recieve income as interest from a loan that I have given to my company or through dividends?
  9. C

    company car

    If a company wants to sell a company car to an employee then how much can it sell the car for without the employee incurring any NICs or Income Tax? If it is for "fair market value" then how do I work this out? Also, any idea how to arrange insurance for a company car? I was just thinking...
  10. C

    accountants moving

    I guess it would be OK as long as they pass on the benefits to you and compensate you for any lowering of the quality of service :) Sounds negotiable.
  11. C

    accountanty etc

    Sockpuppet, Do you have a link to the HMRC page that describes what we not claim VAT back on? (e.g. cars) EDIT: Found it: here Also, gibbsville, I think the only point that it may be worth registering for VAT is when you do lots of exports outside the EU - i.e. you do not charge your clients...
  12. C

    hybrid cars?

    further question for the accounting minded re hybrid cars: If there is 100% allowance for the purchase then will the car appear as a zero value asset in the balance sheet or would it follow the usual asset valuation rules? Cheers!
  13. C

    hybrid cars?

    hmrc details Note: Car has to be new Also, taxable allowance should be 11% of the value of the car (15% - 3% (because it is hybrid) - 1% (because it is over 20g/km lower than 140g/km CO2 emmissions)
  14. C

    hybrid cars?

    Has anybody had their company purchase a hybrid car? Am I right in thinking that if I do this then my car will be 100% expensable (rather than straight lined depreciated) for the year? Am guessing that I would then have to count the car as a taxable benefit. If the company car becomes a part...
  15. C

    tax returns and year end...

    I have registered my limited company and it is not trading until I have finalised my contract (probably in late Jan). I am currently still a permanent employee and do not have to do a personal tax return. - If I finalise my contract in late Jan and start trading on 1st of Feb then will I need...
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  1. Contracting
    1. General
      1. Brexit
    2. Business / Contracts
      1. Coronavirus Assistance
    3. Accounting / Legal
      1. Umbrella Companies
      2. HMRC Scheme Enquiries
      3. The Future of Contracting
      4. IR35 Reform
    4. Technical
    5. Welcome / FAQs
  2. Social
    1. Light Relief
    2. Social / Events
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