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Recent content by ian2013

  1. I

    Transfer shares from my wife before liquidating the company

    I spoke to my accountant who told me that for a shareholder to be eligible for BADR (ER), the person has to be actively involved in the company: be an officer or an employee of the company, i.e. on the company payroll. I do not have enough knowledge on this matter, and don't have much...
  2. I

    Transfer shares from my wife before liquidating the company

    I would like some advice on transferring shares from my wife to me before shutting down my company. I am planning to shut down my company due to the IR35 changes. I have been working inside IR35 for more than a year now so it doesn't seem to be worthwhile to keep my ltd company running as it...
  3. I

    Pension creating a trading loss for the year

    Hi, What was your final resolution to the problem? Did you manage to make the pension contribution and claim back CT? I'm in a very similar situation now, and would like to know your solution. Ian
  4. I

    Questions on using carry forward option to pay my pension using company funds

    Many thanks Paralytic for the reply. Why will I still be able to pay £160K after April 6? It will be a new tax year and my company will have no income in that tax year (despite have cash from previous year's income), I thought only the income for the relevant year can be used to pay for...
  5. I

    Questions on using carry forward option to pay my pension using company funds

    Hi, I have been contracting via my limited company for years, but had to take up an 'inside IR35' contract from January after 5 months out of contract. I am thinking of shutting down my company which has quite a large amount of cash so I am considering using the cash to pay into a pension. I...
  6. I

    Does Umbrella provide professional indemnity insurance and public liability insurance

    Hi, I have been contracting using my own limited company until now. I have just been offered a new contract and the client decided that all contracts are now inside IR35 (no exceptions) so I'll have to use their partner umbrella company for this engagement. Now the agent is asking me to...
  7. I

    Advice on setting salary level

    Thank you for the advice. One additional question: given I've been on £14k for a few years and paying tax and NI, now moving to a £8k is a large reduction of salary, will this catch the tax people's attention and cause unnecessary troubles(e.g. they may decide to audit me because of this)?
  8. I

    Advice on setting salary level

    Many thanks to you all for the information and advice. The salary of £14k was suggested by my accountant a few years ago when I first switched to contracting from permanent employment. The accountant was recommended to me by a friend. I didn't know much and haven't paid much attention to it...
  9. I

    Advice on setting salary level

    Hi, I need some advice on setting salary level for the year 2016/2017. I contract through my own ltd company and my partner has 30% company shares (but she is not an employee so I'm effectively one man band). I have been paying myself a salary of £14000 for the last few years and draw the rest...
  10. I

    Adding wife as an employee

    Thanks for the replies. I probably didn't explain my thought clearly in my original post, so I attempt to clarify more below: I want to make my wife a share holder so we can share the profit via dividend. The factors which prompt me to think about making my current company dormant and start a...
  11. I

    Adding wife as an employee

    Hi, I have been contracting for nearly 10 years (one man, ltd company). I got married last year and the wife hasn't been working. I am thinking of adding her as an employee to my company but have some worry. Over the years, I receive a lowish income (salary and dividend) from the company. The...
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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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