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Recent content by johnywalker

  1. J

    Contractor Ltd Company, Only 5% expense?

    Thanks a lot Expat. I did some reselling business as well through my contracting company and generated some income and now its a bit mess, as to whether I could take expenses. Can I keep my company for business purposes and start a new company just for contracting? Can I be a non-director...
  2. J

    Contractor Ltd Company, Only 5% expense?

    I take your point Malvo. But, I am confused as different people say different things. All I need to know is 1. From the 95% IR35 caught money, can I employ someone and pay them and take the remaining money as my salary ( so that if I get someone who doesn't work anywhere, I can pay them £6035...
  3. J

    Contractor Ltd Company, Only 5% expense?

    So, I could employ someone who doesn't work anywhere as an office admin or so and pay the tax free allowance as salary from the 95% itself, isn' it? And that is legal, right? What I want to know is since the it contractor companies doesn't "need" an office admin, is it ok by HMRC for such a...
  4. J

    Contractor, IR35 Issues, Running Ltd Company

    Is there any advantage apart from the 5% expense without bills and maybe register for flat scheme vat? AM I missing something? ANd the 5% expense, can I take it just like that, as a lumpsum into my account or should that be used through the company for company expenses? Thanks, JOhny.
  5. J

    Contractor, IR35 Issues, Running Ltd Company

    Thanks. But won't umbrellas take 100% as salary without giving the (5% expense when you use ltd company)? ANd regarding the 5% expense, can I just take it into my account without any receipts? Is it like that, just take, no questions asked? Or should we run the company expenses through the...
  6. J

    getting paid 5months back pay , but how do i pay?

    Am I right in saying that if his contract is caught under IR35, he should take : 95% salary paying all taxes and nics 5% as expense with no bills (can we just take it to our account or should we spend on company needs through company accounts???) Am I right?
  7. J

    Contractor Ltd Company, Only 5% expense?

    Thanks. Is it necessary that the contractor itself should take 95% as salary? My question is if I get someone as Office admin or so, who doesn't work anywhere else, can I pay her £6035 as salary thereby not paying any tax or ni on that? I use the same company for some reselling business as...
  8. J

    Contractor Ltd Company, Only 5% expense?

    When you say travel, can I take car mileage if I travel to work in car and ticket money if I travel by tube? And when we take 95% salary, how will we pay Employer NI? Or is it calculated along with the 95%. Normal calculations on a total will only deduct employer NI and paye tax. please clarify...
  9. J

    Contractor Ltd Company, Only 5% expense?

    When you say travel, can I take car mileage if I travel to work in car and ticket money if I travel by tube? And when we take 95% salary, how will we pay Employer NI? Or is it calculated along with the 95%. Normal calculations on a total will only deduct employer NI and paye tax. please clarify...
  10. J

    Contractor Ltd Company, Only 5% expense?

    I take your point Mal, but when is it that a company pays contractor to go for a course??? The training was definitely job related so that I could go further in my specialization and get mote money in the next contract. Can't we justify it? And, if we can only take 5% as expense and then pay...
  11. J

    Contractor, IR35 Issues, Running Ltd Company

    Thanks for the prompt response. But, with the guidelines for checking whether the contract falls within IR35, I am pretty sure mine faills in, as I work in client's place, with their equipment, they tell me what to do, i have fixed hours, I can't take holidays/decide my working hours without my...
  12. J

    Contractor Ltd Company, Only 5% expense?

    No. I don't have any insurance now. ANd I guess they wouldn't provide insurance cover if your work comes inside IR35, would they? Thanks, JOhny.
  13. J

    Contractor Ltd Company, Only 5% expense?

    When you say travel, can I take car mileage if I travel to work in car and ticket money if I travel by tube? And when we take 95% salary, how will we pay Employer NI? Or is it calculated along with the 95%. Normal calculations on a total will only deduct employer NI and paye tax. please clarify...
  14. J

    Inside IR35 and using a limited company

    I have been contracting for 1.5 years without knowing the IR35 issues and clearly my contract is inside IR35. I ahve taken out 10% of my annual income as expenses (rent, council tax, electricity, car mileage) which I shouldn't have if my contract is inside IR35. So, I have only paid tax and NIs...
  15. J

    Contractor Ltd Company, Only 5% expense?

    Hi, I am contracting using my own Ltd company and my contracts come inside IR35. So, do I only get 5% as tax free expense? What if I want a training related to work which costs 2-3K? Can't my company pay for it? Johny.
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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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