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Recent content by robz8701

  1. R

    Please put more jokes here

    My girlfriend asked me where I'd like to be buried? Apparently "balls deep in your sister" wasn't the answer she was expecting.
  2. R

    Peterborough Contractors

    Yep, getting the LNER daily. 6.39 in the morning and 17.30 back. Not that busy in this contract hence being on here lol
  3. R

    Getting paid to do literally nothing

    Unreal.... I am now on my 4th successive contract where I am literally doing nothing. Do these companies not realise they are paying a premium rate for me? Surely they want to get the most out of me no? I can't be the only one out there surely?
  4. R

    Benefit to claiming expenses?

    Appreciate the feedback even if some of it is patronising 😷 I started contracting and using a limited company 3 years ago. I didn't do enough research then and been naive since. Better late than never I guess lol
  5. R

    Benefit to claiming expenses?

    So for simplicity the scenario I stated is valid? Appreciate the terminology but I want to clarify on what is valid and correct in regards to actual monies. "For April 15 (new tax year) I will drive 2154 miles for work for which I pay for myself. My business expense claim will be £969.30. In...
  6. R

    Benefit to claiming expenses?

    The issue is the majority of accountants speak in accountancy terms and assume you to understand. If you understood it all then would there be any need for an accountant? So to re-iterate and use an example, For April 15 (new tax year) I will drive 2154 miles for work for which I pay for...
  7. R

    Benefit to claiming expenses?

    WTF!?!? My previous accountant never explained this to me. It was simply a case of stating this as an expense but I never did anything in regards to actual monies! Other expenses I have come directly out of the business account but the business mileage is an expense claim i.e. no funds come...
  8. R

    Benefit to claiming expenses?

    Ok, you state "£450 I pay out of my company to you"? I state this as an expense for my business records but that's it. Are you saying that whatever the expense claim for business mileage is the funds should be transferred to me personally?
  9. R

    Benefit to claiming expenses?

    Surely I have got this wrong but doing some calculations I have realised that if I claim less expenses this does increase my corporation tax but this means I have more money in my business account thus more profit thus more money available for dividends. Yes if I withdraw more dividends I'm...
  10. R

    Tax on Dividend Income

    I don't follow where you have got the figure of £28,678.50 from? Let's say it is a new tax year and based on 14/15 rates I decide to setup PAYE for the £10,000 personal allowance meaning a monthly salary of £833.33. No other income. I then take out an additional total of £50,000 in dividends...
  11. R

    Tax on Dividend Income

    Quick question in regards to tax on UK dividends. Based on 2014-15 if dividend income is less than £31,865 0% tax applies (10% offset by a tax credit of 10%). If dividend income is above £31,865 does the 25% rate apply to the TOTAL dividend or just the dividends after £31,865? e.g. if I paid...
  12. R

    Budget\Calculate monthly for PAYE & Corporation Tax (spreadsheet)

    Ok. So what's the parameters in regards to when you should pay the higher rate tax. Based on this advice if I go back to my day rate where I could potentially earn 100-120k a year you're saying I should split this over years in the event in out of work? My mindset is I'd like to earn the...
  13. R

    Budget\Calculate monthly for PAYE & Corporation Tax (spreadsheet)

    Yes apologies as I'm getting confused with PAYE & self assessment ie tax I have to pay personally on dividends withdrawn. The part I find confusing is why am I advised to take dividends so that I don't pay higher tax? If I'm not going to utilise the limited company to maximise my income...
  14. R

    Budget\Calculate monthly for PAYE & Corporation Tax (spreadsheet)

    Does make me laugh the arrogance and rudeness of some people who reply. As stated I came into an issue the last financial year with my newly assigned accountant, no issues before that. If I knew how to understand all this I'd do it myself and wouldn't have an accountant. I was just asking...
  15. R

    Budget\Calculate monthly for PAYE & Corporation Tax (spreadsheet)

    Correct, but for the sake of simplifying things I excluded VAT as I want to clarify corporation and self assessment tax amounts first. Best resource I have found online is Limited Company Tax Calculator | Employed and Self Employed which I think gives me the figures to make a note of. The way...
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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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