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Recent content by minstrel

  1. M

    DIY SSAS (for P2P)

    This is the problem I found too. Banks are wary of opening accounts for pension funds without a independent professional authorising the transactions. This is possibly not totally unreasonable given the high profile business owners that have raided company pension pots in recent years...
  2. M

    DIY SSAS (for P2P)

    I have SSAS investments with RateSetter, Crowdstacker, CrowdProperty, SavingStream, Seedrs and Crowdcube. One of the aspects of the ssaspractitioner scheme that appealed to me was the fact that you are the sole Trustee of the SSAS. This means that legally you are responsible for ensuring the...
  3. M

    DIY SSAS (for P2P)

    ssaspractitioner.com ssaspractitioner.com I did a lot of research on this including speaking to Brian Bennis at SIPPclub. I eventually landed on ssaspractitioner.com and have investments in several of the P2P/Crowdfunding platforms with no problems. Peter @ ssaspractitioner is very helpful.
  4. M

    Personal taxation on MVL distribution

    MVLOnline Highly Recommended MVLOnline Highly Recommended I've used Chris at MVLOnline for an MVL and can highly recommend.
  5. M

    Restructuring share structure of an LTD

    I take your point and, as I said, it depends on your relationship with your family. I would prefer to share my wealth with family members and reduce the overall family tax liability even if that means I am personally worse off. Many contractors have no hesitation in doing a 50/50 share with a...
  6. M

    Childcare Vouchers & Providers

    Vouchers are offset against CT. If you were to ever cash them in, the transaction would be reversed and CT would become payable.
  7. M

    Childcare Vouchers & Providers

    Not in London. Full time nursery is over £1k per month. How much were your nursery costs?
  8. M

    Childcare Vouchers & Providers

    The only issue with this is that you can accrue vouchers from birth, but you can't pay for childcare directly in the initial months when no childcare is being provided.
  9. M

    Childcare Vouchers & Providers

    This HMRC link is old, but as far as I am aware the rules have not changed. The key point is that HMRC do not prescribe how the voucher must look as long as you don't exceed the limits. http://webarchive.nationalarchives.gov.uk/20140109143644/http://www.hmrc.gov.uk/childcare/smechildcareguide.pdf
  10. M

    Restructuring share structure of an LTD

    This depends on your individual circumstances and your relationship with your parents, but I see two ways of looking at it: 1. Your parents gave you a lot of financial support over the years bringing you up and maybe helping out with uni fees or deposit for a house. Whilst you may not...
  11. M

    Restructuring share structure of an LTD

    What if the OP sold some of his shares to his parents based on an independent valuation of the company? Would this make a difference? This potentially avoids it being treated as a settlement and could be good for IHT and CGT planning.
  12. M

    Childcare Vouchers & Providers

    Child Benefit Child Benefit Child benefit is also a good one to claim too. This is around £80 per month as long as both parents earn below £50k each. More details here: https://www.gov.uk/child-benefit/overview
  13. M

    Childcare Vouchers & Providers

    Yes - good point. I stay just under the limit to get childcare vouchers and the £1,000 personal savings allowance, but if you go over the higher rate threshold you lose them both.
  14. M

    Childcare Vouchers & Providers

    I normally put an accounting entry through each month for the £243 so it's clear. If you go over your company year end before you redeem all the vouchers it's important you recognise the vouchers as an expense in the P&L (reducing CT) and also recognise the Childcare vouchers as a creditor in...
  15. M

    Childcare Vouchers & Providers

    Your Ltd can set up it's own childcare voucher scheme. Essentially, you can just accrue the £243 per month in the accounts and then pay the childcare provider the amount of the accrued "vouchers" when you need to use them.
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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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