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Recent content by Goodmans

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    Flat Rate & Invoice Payments

    Sorry, am I doing something wrong here?
  2. G

    Flat Rate & Invoice Payments

    Thanks for your reply. I am very new to this field so confused a bit about the work Capital. Sorry for being pain in the neck. I may have to pay him around 10K. We are trying to develop a software on my company's name. The software which we will be developing is any how related to word...
  3. G

    Flat Rate & Invoice Payments

    I guess, i confused you all. I am a director of a LTD company ABC Ltd. VAT(flat rate) registered. I have recruited a contractor XYZ (who is self employed contractor) to develop a software for me. For that he will be charging me some money through invoice. It means i am buying his services. As...
  4. G

    Flat Rate & Invoice Payments

    Hi All, I am a VAT registered LTD Company on Flat Rate. I want some job get done by a Self Employee Contractor who is not registered to VAT. Some one in the forum said that I dont have to do anything if i am on Normal VAT rate, but there are slight changes to those who are on Flat Rate. But...
  5. G

    Self Employed or Employee

    This is a genuine setup. Self employed contractor will anyway pay the PAYE+NI. The question is do I have to pay VAT or not. If i want to take extra 12K for myself i will take it as extra Dividend. It just cost me 20% tax. Why would i worry about it? and invite problems from HMRC?. Regards, Gmans
  6. G

    Self Employed or Employee

    Sorry I guess I am on VAT flat rate as i earn less than 100K py. Please explain how this is going to effect. Regards, Gmans.
  7. G

    Self Employed or Employee

    Thanks so much for your clarification. Just for confirmation. So If the self employed is not registered to VAT. I will pay him the straight amount. and will not pay or claim any VAT from or to HMRC. Thanks so much for your quick response guys. Really helpful. Regards Gmans.
  8. G

    Self Employed or Employee

    Hi All, Has a question. If a LIMITED Company (VAT registered) getting some job done by a Self employer contractor. Should the company pay VAT 20%. And again the self employed have to pay 20% PAYE+NI? Cost to Company : 12000 + 2400 (VAT) = 14500? Cost to Self Emplyed: If the employes...
  9. G

    Ltd company, secretary's salary

    So far i am the whole and sole share holder of the company. So you recommend me to make my wife as shareholder?. Is it ok to make my wife as shareholder in the middle of Financial Year?. When I spoke to my accountant he says that it is not good prictice of issuing new shares, HMRC may consider...
  10. G

    Dividend Calculation Query

    Thanks thats really helped. Regards G ;0)
  11. G

    Dividend Calculation Query

    Hi Contractors So far this is my income for the 10/11 FinYear and so far I took 22k as dividend. and how much more I can take as dividend and what will be the tax amount if i take any more?. When I spoke to my accountant he says that I have to pay 25% tax if i want to take 10k more dividend...
  12. G

    Ltd company, secretary's salary

    Dear Contractors, I am a self-employed contractor through My Own LTD Company. I am the whole and sole share holder of the LTD Company. My wife is working as Secretary to the company and I am paying her the minimum salary. Now I am thinking of asking her to build a web-site for my company and...
  13. G

    Notice period legal issues

    Sorry for the bad grammar mates. 1. New employment is not a competetor bank. Its completely new business. (there is no caluse about this in the contract as I dont deal with any business related work) its just a backoffice developper. 2. The problem for my current employer is to find a...
  14. G

    Notice period legal issues

    Hi Friends, Need some suggession. I am in a permanent position now. In the contract it mentioned like I will be on probation period for first 3 months after that I will be permanent employee. In the probation period i can give just 1 week notice period. But after becoming permi i have to give 4...
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    Dividend & Tax Year.

    Hi Contractors, I took around 15K as salary and 20K as dividend for the TaxYear 2008-09 year, so I wont cross 40K limit. And we are in new tax year now. When can I take new dividend now? Is it better wait till 6th April 09(Tax year starts from 6th April i guess) or is it ok to take after 1st...
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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
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