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Recent content by MB2

  1. M

    File on Four - Taxing Situations

    Recently heard this and all about the Loan Charge and the Agents promoting schemes esp the Knox Group. BBC Radio 4 - File on 4, Taxing Situations
  2. M

    Pension Contributions

    It might be possible if she is a director via an executive pension plan as directors do not have to take a salary and be on the payroll. We have certainly done pension contributions for a director who did not take a salary via an EPP - ie paid out of the business into the pension.
  3. M

    JRS and Single Director just finished contract

    If you are furloughed you cannot do any work for the compoany that has furloughed you - so how do you find a new contract ?
  4. M

    Personal tax on loan interest. Can I pay gross?

    I think you can do CT61 annually but that is what we do on the DLA accounts. It is then claimed back via your friends SATR. Our accountants said a loan was a commercial decision and felt up to 10% justifiable on a DLA balance but I would say the company should have a need for the loan to be...
  5. M

    Advice on bcoming a limited company

    The only other advantage I can see to being an ltd rather than sole trader is that you have more flexibility if you have a good year one year with ltd but ST you simply pay tax on everything that year so for steady work it is less of advantage. Broadly the tax take has to be about the same or...
  6. M

    Paystream - Company closure

    How much money is in the company ? If you are ceasing contracting you could dividend/pension it out over a few years only need to MVL if you have a large amount in my opiinion. If you haven't paid into a pension for a few years can also catch up previous years.
  7. M

    Paid myself unwarranted £10k - now what?

    if your not earning any money as salary PAYE could be an option, you would pay a little NI but no tax as below 11,800 overall for the year ? Might be easier than the DLA option if you won't be earning a salary or can avoid it.
  8. M

    Debt recovery - overseas client

    We have used Safe Collections for international commercial debt and they are good but will take 20% and I suspect will only pursue if there is a very clear contract that has been breached. If time is not of the essence I would try yourself first but if you think they company might go bust then I...
  9. M

    Director loan...help!

    It would also mean children, the sick, the unemployed and old people paying tax which is likely to prove problematic too.
  10. M

    Expenses - laptop purchase leave abroad

    There isn't any duty on a laptop so all you should pay is the VAT upon import to the UK, which you claim back so I don't really see the point in smuggling it anyway. If you import it yourself you are allowed 390 UKP value without paying the VAT upon entry from outside the EU but I guess the...
  11. M

    Entrepreneurs relief for one retiring director

    I would agree, we are doing this at the moment for a retired director/shareholder and we got revenue clearance for ER and also that the company can buy the shares back when it can afford it.
  12. M

    Do I need to pay myself a wage initially?

    As a company wages will be paid before corporation tax is deducted. You should pay yourself up to your personal allowance (and I would suggest dividends after that of at least 5k) but anything that is costing you less than 19% is more tax efficient being taken from the company then left in. An...
  13. M

    £160k pension contribution including previous three years: is this a problem?

    I expect is quite common with smaller ltds for directors to neglect pension contributions for a few years whilst building up the business, or have a good year and use to reduce CT liability.
  14. M

    £160k pension contribution including previous three years: is this a problem?

    I did this a few years ago - similar situation re salary/dividends. Used an old pension scheme as justification and although the IFA said I may get questioned it went through fine. I was told if asked why I did it to say concerns over the election removing pension benefits. If your corp tax is...
  15. M

    Director's Loan Account - what goes on it?

    Is it positive or negative ? If it is positive it is for expenses you have personally paid for but not yet recovered ie the company owes you money. Maybe your mileage claim if you can't think of anything obvious as most receipts you would remember paying on personal card ?
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  1. Contracting
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      1. Umbrella Companies
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