Originally posted by PerfectStorm
View Post
- Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
- Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!
Reply to: Is this tax right?!
Collapse
You are not logged in or you do not have permission to access this page. This could be due to one of several reasons:
- You are not logged in. If you are already registered, fill in the form below to log in, or follow the "Sign Up" link to register a new account.
- You may not have sufficient privileges to access this page. Are you trying to edit someone else's post, access administrative features or some other privileged system?
- If you are trying to post, the administrator may have disabled your account, or it may be awaiting activation.
Logging in...
Previously on "Is this tax right?!"
Collapse
-
-
Originally posted by Fred Bloggs View PostYou cannot be taxed twice on the same employment income. There's something not right if you think you are.
Leave a comment:
-
I've always made a provision for CT each month (19% of profits before depreciation) and then set that aside in my 'HMRC' deposit account. The same account all the VAT money goes into. I do not touch that account except to transfer money out to pay HMRC.
I got myself into a right pickle many years ago and, once I sorted myself out, vowed never again. I didn't need to go the route of payment plans or such like but it was a bit of a squeaky bum time for about 6 months.
Leave a comment:
-
Originally posted by Kugel View PostYou should ask your accountant if you have one. But company accounts are not prepared on cash basis. You can pay dividends and have cash flow problems due to unpaid invoices at the same time.
I wonder if the OP is another JackD that didn't get the message early enough hence the payment plan or whatever it is.
Leave a comment:
-
Originally posted by northernladuk View PostWhat's going on here? Why don't you just pay it off in one? You've got the money in the company surely as you can't have paid it to yourself as dividends as that would be an illegal dividend?
Leave a comment:
-
I pay monthly instalments on the final corporation tax (ongoing to March 23) and paid off the final personal tax return.
Assuming you haven't and you've got yourself in a right mess it's hardly surprising the tax situation is complex.
Leave a comment:
-
Originally posted by Fred Bloggs View PostYou cannot be taxed twice on the same employment income. There's something not right if you think you are.
By the way, as a limited company officer, you are not self employed. You understand that, right?
Several weeks later they wrote to me and reversed the extra tax they were claiming - no acknowledgement they had made a mistake or anything like that. They just issued me a new tax demand for £0. Luckily my accountant helped to sort it.
Leave a comment:
-
- If you run (ran) a LTD. then you were not self-employed. Am important difference when it comes to tax
- From April 2021 you FTE job will have been taxed at source so don't worry about that other than to make sure it's on your self-assessment tax return
- Declaring your personal income that you have already paid tax on is fine. You will have a P60 for both LTD. and FTE. Make sure they are reflected correctly on the SATR
- make sure dividends are declared on the SATR
Discuss with your accountant. This is very basic stuff so I suspect that you simply don't understand what you're being advised.
And get that CT paid and close the company. You don't need a LTD. (and from reading your post you shouldn't have a LTD.)
Leave a comment:
-
Originally posted by Advice View Post
Also being asked to declare the income from my full time job on my personal return the last two years.
How have I found myself in a position whereby I pay tax thru my full time position while also having to declare that same salary as personal income under a self employed status?
Leave a comment:
-
You cannot be taxed twice on the same employment income. There's something not right if you think you are.
By the way, as a limited company officer, you are not self employed. You understand that, right?
Leave a comment:
-
Is this tax right?!
Hi all, any advice on the below appreciated.
I worked as a self employed contractor until March 2020. I then ceased trading and started full time employment. Its been that way since.
The LTD could not be closed down as I had outstanding corp tax to pay. Still paying that.
The final returns were due from 20-21 this past Jan.
I pay monthly instalments on the final corporation tax (ongoing to March 23) and paid off the final personal tax return.
I've heard from my accountant. I need to file again for last year (21-22) as some dividend distribution fell into that period.
Also being asked to declare the income from my full time job on my personal return the last two years.
How have I found myself in a position whereby I pay tax thru my full time position while also having to declare that same salary as personal income under a self employed status?
It seem I am being taxed twice.... frustrating as I haven't worked as a self employed contractor in two years and am still paying tax as a self employed person.
Is there anything I can do here?
Many thanks!
Tags: None
- Home
- News & Features
- First Timers
- IR35 / S660 / BN66
- Employee Benefit Trusts
- Agency Workers Regulations
- MSC Legislation
- Limited Companies
- Dividends
- Umbrella Company
- VAT / Flat Rate VAT
- Job News & Guides
- Money News & Guides
- Guide to Contracts
- Successful Contracting
- Contracting Overseas
- Contractor Calculators
- MVL
- Contractor Expenses
Advertisers
Contractor Services
CUK News
- Streamline Your Retirement with iSIPP: A Solution for Contractor Pensions Sep 1 09:13
- Making the most of pension lump sums: overview for contractors Sep 1 08:36
- Umbrella company tribunal cases are opening up; are your wages subject to unlawful deductions, too? Aug 31 08:38
- Contractors, relabelling 'labour' as 'services' to appear 'fully contracted out' won't dupe IR35 inspectors Aug 31 08:30
- How often does HMRC check tax returns? Aug 30 08:27
- Work-life balance as an IT contractor: 5 top tips from a tech recruiter Aug 30 08:20
- Autumn Statement 2023 tipped to prioritise mental health, in a boost for UK workplaces Aug 29 08:33
- Final reminder for contractors to respond to the umbrella consultation (closing today) Aug 29 08:09
- Top 5 most in demand cyber security contract roles Aug 25 08:38
- Changes to the right to request flexible working are incoming, but how will contractors be affected? Aug 24 08:25
Leave a comment: