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Recent content by CompoundOverload

  1. C

    Closing down company costs

    In short, I've been advised that what I'm already paying them for covers only the bau side of running a business (i.e. accounts, payroll, vat, software and your personal tax return). The closing of accounts is a stand alone event which involves more work on the accounts side (i.e. closing down...
  2. C

    Closing down company costs

    Well, the liquidation process is as long as it takes, circa 4-6 months from start to finish I believe. I'm not paying for an expediated service as I don't believe that is even a thing, so that is not a factor in the cost. It would be worthwhile to see what other firms can offer.... Thanks
  3. C

    Closing down company costs

    Hi all, Currently in a position where I want to close down the company, having built up a decent war chest. I've had a discussion with my accountant about the options and they've agreed given I am now on a PAYE contract and the likelihood of outside roles being sparse this would be the most...
  4. C

    Offer - inside IR35 question

    It gets better.... I asked what the salary sacrifice options were. Apparently the only pensions they offer are NEST (they do not allow private pension contributions). NEST seems a crock of tulip to be honest. They don't take it out of the gross pay either *facepalm*
  5. C

    Offer - inside IR35 question

    It's mentioned (Employers NI) under the "Deductions from your wage required by law" section. But as you say, it is a mess and it is an odd model they are using.
  6. C

    Offer - inside IR35 question

    KID doc came through: Deductions from your pay required by law: Income Tax Employee’s National Insurance Student loan repayment, if relevant Any ‘Attachment of Earnings Order’ issued by the Courts Holiday entitlement and pay: 28 days per year inclusive of bank holidays...
  7. C

    Offer - inside IR35 question

    So I've received the KID (Temporary Workers Useful Information). https://www.hays.co.uk/documents/34684/2060990/Temp+Worker+Handbook+2019.pdf It gives an explanation of the working rate and rate explanation, which I'm seeing makes a bit more sense now.
  8. C

    Offer - inside IR35 question

    They said the deduction goes into a pot that I take from whenever I take annual leave or if I don't then the pot is then given back to me.
  9. C

    Offer - inside IR35 question

    How it was presented to me was the following: Basic: £556.02 per day Premium: £650 The premium is the actual day rate itself (inclusive of the holiday pay) and the basic is the amount after the holiday has been taken out (which I'm clearing having to pay myself). When I asked if the holiday...
  10. C

    Offer - inside IR35 question

    I've just been offered a 12 month contract with a new client, which has the potential to go further (remains to be seen)... This was through an agency, who I negotiated a slightly higher rate with (as was in an outside gig previously). The agency have said the payroll is done via them, so I...
  11. C

    MVL - help please

    Thanks, my plan was to try and do it expedited before new tax year (probably wishful thinking now), as it's a quicker process when not down the MVL route.
  12. C

    MVL - help please

    Whilst we're on the subject on MVLs. If one has >80k profit in their business and wants to close down the company but does not want to close the door on contracting completely (in case other outside gigs manifest themselves later on in the future), would the best course of action be to just...
  13. C

    Time for MVL or not and IR35

    I don't think this is the case. Most people will have shat themselves at the thought of being investigated and have shut their companies down given that there are now limited gigs outside and will have gone perm/umbrella et al. Staying at the same client from an outside position to inside is...
  14. C

    Time for MVL or not and IR35

    Historically if an IR35 investigation is raised they can look back 6 years (in some instances longer) therefore, you could argue that keeping IR35 insurance running might be worth it but like you say depends on risk appetite.
  15. C

    Time for MVL or not and IR35

    If you wanted to close down your company (and to avoid the phoenix rules) presumably you'd just withdraw all funds from company (via divs) and close down, which is quick and efficient (and costly if >£25k is cash), as opposed to going down the MVL route. Not too bothered about the additional...
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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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