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Recent content by JackD

  1. J

    Do I legally have to leave the Tax and VAT in the limited company?

    Yeah that’s what I thought - the £11k figure used in my original post and your previous comment was inclusive of VAT. So my maximum dividend would be lower
  2. J

    Do I legally have to leave the Tax and VAT in the limited company?

    Thanks Craig, in your scenario it sounds like people are OK to take dividends without accounting for the VAT?
  3. J

    Do I legally have to leave the Tax and VAT in the limited company?

    I fully understand it isn’t advisable and it’s best not to do. I’m unclear if it’s illegal. I will not do it illegally. I agree that it’s best to avoid doing so, but there’s always going to be niche scenarios that the rule of thumb doesn’t account for. I was only asking for clarity on if it’s...
  4. J

    Do I legally have to leave the Tax and VAT in the limited company?

    Thanks, sounds like the idea is a non starter. The company would be insolvent when it cannot pay its debts, but the tax wouldn’t be due for 12-18months time, it seems a waste to have the money sat there earning nothing, when it could be being put to better use. I assumed it wouldn’t be...
  5. J

    Do I legally have to leave the Tax and VAT in the limited company?

    Is there anything wrong with making it a salary payment? A signing bonus or 10months pay upfront (1k/month)
  6. J

    Do I legally have to leave the Tax and VAT in the limited company?

    I’d like to pay off a debt that’s higher than normal interest rate, after that I plan to take a modest amount monthly and build a pot in the company
  7. J

    Do I legally have to leave the Tax and VAT in the limited company?

    So, using the capital that would be reserved for taxes in the short term is illegal? I can only withdraw profits as they stand without accounting for future forecasting?
  8. J

    Do I legally have to leave the Tax and VAT in the limited company?

    I have an accountant. I’m asking as I’d like to take far more out in the first few months than I intend to going forward. I’d like to pay off a debt I have as soon as possible to save on the interest. My thoughts were to take out the max for the first few months, get my self straight and then...
  9. J

    Do I legally have to leave the Tax and VAT in the limited company?

    I’m planning to spend it (pay off a debt). I don’t plan on putting it back and incurring tax, I was hoping to take out large dividends in the first few months, or pay myself for a few months upfront. Then after the first few months, take a lot less out and let the pot build in the company
  10. J

    Do I legally have to leave the Tax and VAT in the limited company?

    Hi All, I know this isn’t advisable and the majority wouldn’t do it. But is it legally sound? I’ve recently setup a limited co for outside work. I’d like to front run my dividend allowance and take out as much as possible for the first few months. For easy math: Monthly invoices paid: 10k +...
  11. J

    Payment frequency- Inside & Outside IR35

    Thanks, I appreciate you highlighting that. The end client is a large company with a UK base, but it sounds like the liability would sit with the agency here, so I’d need to check if Jefferson Frank meet any of those requirements £xM amount or >50 employees, if not the liability sits with me...
  12. J

    Payment frequency- Inside & Outside IR35

    I agree, I need to read the details once I have the contract. You just cut off my quote right before I said I haven’t got it yet to read, but thanks for picking and choosing what to reply to!
  13. J

    Payment frequency- Inside & Outside IR35

    Thanks, I’ll make sure to check on the outside determination - either way, would the liability not sit with either of the companies? I thought that’s where the responsibility sits now? The terms are weekly timesheets paid monthly, so it sounds like I’ll be paid at the end of the first month...
  14. J

    Payment frequency- Inside & Outside IR35

    Thanks for all the comments, abit clearer on my terms now, I won’t be paid direct from the company, rather the recruitment agency. I’ve searched back through old threads on the forum and can see one complaint about being paid late from Jefferson Frank, but can’t see any other issues. Has...
  15. J

    Payment frequency- Inside & Outside IR35

    I’m slightly confused based on the previous response too - negotiate with whom? The hiring company or the agency? Is there a need for an agency for an outside role? I assumed not but after the last comment I’m unsure
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  1. Contracting
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      1. Coronavirus Assistance
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      1. Umbrella Companies
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    5. Welcome / FAQs
  2. Social
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