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Recent content by smileyface

  1. S

    Capital Gains Tax for a Ltd Co director

    Am enquiring for a friend.
  2. S

    Capital Gains Tax for a Ltd Co director

    Thanks for the responses. One of the confusing things is when to pay. I've read it's within 30/60 days of selling the property. https://www.gov.uk/capital-gains-tax/report-and-pay-capital-gains-tax If you sold property in the UK on or after 6 April 2020 You must report and pay any tax...
  3. S

    Capital Gains Tax for a Ltd Co director

    Can someone please explain to me what are the steps to pay Capital Gains Tax, IF ONE IS Ltd Co Director? I understand what needs to be paid, I am just confused how many steps there are. I read one must setup a government gateway ID, then proceed. However, as a director of a Ltd Co., do I also...
  4. S

    Closing down Ltd co

    I was told in order to close down a Ltd Co, you would need to appoint a liquidator (which costs a fair amount) IF the Ltd Co has more than £25,000 in assets. What if the Ltd Co has less than £25,000? Do you simply pay off all debts, take out the remaining cash, close the bank account and fill...
  5. S

    Selling ltd co

    I know. Just hoping it's something like the dotcom era, when there were stories of people paying millions for a website :)
  6. S

    Selling ltd co

    It's "free" in the sense closing down gets me nothing (other than what's in the bank) whereas selling should get in something on top of what's in the bank!
  7. S

    Selling ltd co

    Thanks for the info. The company who approached me seems legit, ie they have an address and website :) Given the IR35 status coming in effect in April, I thought rather than closing my ltd co down, selling would be "free money".
  8. S

    Selling ltd co

    I thought so too. Any tips that I can verify? Would it be prudent to leave it all in the hands of my solicitor, to ensure it's all legitimate?
  9. S

    Selling ltd co

    Not much, under £50K. If I do intend to sell, I'll take it all out first. Not decided yet. I just can't see why they would be interested. Anyone could set up a ltd co easily.
  10. S

    Potentially going PAYE (short term) - rate breakdown

    Thanks
  11. S

    Potentially going PAYE (short term) - rate breakdown

    If you take on a contract that is inside IR35 and therefore go through an umbrella company instead of your own ltd co, is it true the take home pay is almost identical whichever umbrella company you go with, the difference being only what fee the umbrella company charges?
  12. S

    Selling ltd co

    I have been approached by a company who is interested in buying my ltd co. Has anyone come across this? Why would anyone be interested in purchasing my ltd co? It's not as if it's a brand name like John Lewis. Can someone please shed some light? Furthermore, if I do intend to sell, how would...
  13. S

    Umbrella v PAYE

    My understanding is a PAYE employee has all taxes deducted before receiving their pay. The same is true for a contractor using an umbrella company. However, using an umbrella company incurs a fee. So is it true a contractor using an umbrella company will ALWAYS take home less than a PAYE...
  14. S

    Claiming expenses

    Please help me settle a debate: Imagine I am normally working at Goldman Sachs in the London office, through my limited company. One day, I have to attend a meeting in Manchester. Can I insist Goldman Sachs pay for my travelling expenses or am I meant to pay for it via my limited company...
  15. S

    Inside IR35 expenses

    Unfortunately, :(
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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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