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Recent content by Robot

  1. R

    Divorce / Spousal Maintenance

    Simply renting rooms... is there a legal rental contract drawn up? is he declaring the income on his tax return? has he informed the benefits office of this additional income? is he legally allowed to rent a room, if he only has two bedrooms? I'm sure you could ask a whole lot of questions...
  2. R

    Husband and wife contracting through same Ltd Co. - good or bad idea?

    Did the accountant mention any problems with a teacher working through a third party? I’m sure there is a problem with teachers and nurses working through a third party, something to do with national insurance, you should get it checked out, before you embark on setting up a Limited company for her.
  3. R

    Accountants liabilities?

    The accountant should know better, there are enough examples on the 24-month rule, for the accountant to give an opinion. I know, it is only an opinion but the accountant should know more than most about it. I also think, the accountant should have a review of the 24-month for each client...
  4. R

    subsistence whilst contracting via ltd

    From Revenue website ... From Revenue website ... Tax relief for travel and subsistence When you can get tax relief for travel and subsistence costs If you've got to make journeys for business purposes you can deduct your travelling expenses from your taxable income - so you'll pay less tax...
  5. R

    Gold

    Gold as a way of paying debts Gold as a way of paying debts Can someone explain, why Portugal, Italy and USA won't sell their gold to their debts? If I had debts / gold I would sell my Gold to pay my debts. Cheers Robot
  6. R

    Buying a car for your family through the company

    These are small green; cheap to buy (new) and run cars, so the BIK is low anyway. I suppose the point is the car is used for your son or daughter to drive, while you still claim business mileage on the gas-guzzler. It is the cheapest way to give your son / daughter their first car. This is the...
  7. R

    Buying a car for your family through the company

    Maybe better to have the director/employee take the hit on the BIK and give the daughter or son the car to use, son / daughter might quite a little 'green' run around car, for next to nothing !!!
  8. R

    vat flat rate

    You might need to pay PAYE/NI on it, as it is the daily rate + Flat rate profit = turnover, less 5%, pension, PII, travel and subs (in relation to the contract) Gross salary and Employers NI - Any balance available would be payable as gross salary + NI !! The 5% less general expenses...
  9. R

    Overdrawn Directors Loan Account

    Profit or retained profit, you have taken £9k, you know you have £5k of CT, leaving £4k of profits. Don't look for the money as you have taken it as a directors loan... You have to declare a dividend of £4k, to repaid the DLA, note this is a paper transaction at this stage. Just my guess. Robot
  10. R

    Registering for PAYE - even if no salary for yourself?

    You would have to register for PAYE even if no salary is being paid, as you will need to prepare a P11d (assumption you're the director), and you require a PAYE Ref No. to submit that form.
  11. R

    Salary paid to yourself.....

    Seems like accountants recommend this salary or that salary, surely the accountants shouldn't make any recommendations on salary, yes they can talk about NIC savings etc, but I don't think they should recommend a certain salary. This is something that director should set him/herself. IMHO
  12. R

    Right F** form to strike off company?

    Hope you paid the Corporation tax first, or if you have paid early you will need to frame the interest cheque the company will receive from HMRC.
  13. R

    Providing ID documents and proof of address information to accountant

    and rat on you if make a genuine mistake on the VAT return and then the accountant reports this to you and the following quarter / year you don’t correct it. There is no de minis limit when ratting on clients, with the money laundering regulations!
  14. R

    Keeping petrol receipts - even though you claim mileage allowance

    Think HMR&C, would use other records to confirm your business mileage, sales invoices, timesheets, mileage clocked on the car, sitting outside your house watching the car moving or not moving, asking the neighbours if the car moves everyday. End clients records showing you logging in to their...
  15. R

    HMRC audit going badly

    Contractor Accountants should know better, there is not much to a set of contractors accounts, travel rules and reviewing the 24 month rule (outside IR35) must be the biggest thing to review IMHO. Note the director needs advice from the accountant, to be tax efficient and know they are doing...
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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
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