Well I didn't get the gig. Ho hum.
But I'm determined to get my first contract soon and will apply all I've learned from you lot!
Thanks again
Mac
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Reply to: New to Contracting
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Previously on "New to Contracting"
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Originally posted by zippo View PostGuy's,
Is there anywhere I can read up on the kind of things I should be doing in the back ground to my contract that can help with avoiding IR35, things such as drumming up further business, having a compnay web site, business cards etc etc.
Cheers
I think it is worth joining PCG and checking all their stuff, and trawling this forum .
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Ir35.....
Guy's,
Is there anywhere I can read up on the kind of things I should be doing in the back ground to my contract that can help with avoiding IR35, things such as drumming up further business, having a compnay web site, business cards etc etc.
Cheers
Leave a comment:
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I'm overwhelmed at the response I've had Some interesting discussions too!
Sincere thanks to everyone - I'll let you know how I get on over the next few days.
If I get the gig, I'll order a contract review, set up Ltd Co. and register for VAT immediately; billing Pending VAT in the meantime.
I think I'll also join the PGC.
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Originally posted by bracken View PostI'm happy to be corrected by brains far larger than mine but my understanding is that following the postponement of the Family Business Tax legislation, this is not as issue.
B
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Originally posted by slackbloke View PostWould think settlement legislation would apply maybe?
I'm happy to be corrected by brains far larger than mine but my understanding is that following the postponement of the Family Business Tax legislation, this is not as issue.
B
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Originally posted by bracken View PostAlhough messy, you can get around this by making a dividend waiver
B
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Originally posted by slackbloke View PostDepends if you are income shifting? If you are then it is a constraint as you would not be able to maximise the use of both personal tax allowances. If you stayed below the higher tax limit by paying yourself just up to the limit, you would not be able to pay the same (due to the 55/45 split) to your partner and therfore not take full advantage of their allowance.
Alhough messy, you can get around this by making a dividend waiver
B
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Originally posted by zippo View PostGuy's....
I have things moving along nicely:
• Secured new contract
• Created LTD company
55% me - Director
45% spouse - Secretary
• Become Vat registered
• contract to be reviewed for IR35 (Bauer & Cottrell)
• chosen accountants SJD
• Become member of PCG Plus
• Purchase indemnity insurance
Can you guys think of anything I have forgotten?
Cheers
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Originally posted by zippo View PostNo reason in particuler, Just going by some of the previous posts realy. Do you know of any pro's and Con's ?
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Originally posted by Lewis View PostASB and TheBigYinJames ... do you think if your company accounts had been squeeky clean things would have been different? I ask as it sounds like you both actually did have some outstanding tax to pay at the end of it all (due to bad advice, unclear legislation etc.).
Under those circumstances, a couple of lost receipts, a chequebook full of stubs going missing etc can have massive effect on your company records. Couple that with a doddering old fool of an accountant and you're headed for trouble.
It's different now, you can get bank statements online, you can keep a spreadsheet of all your expenses, and you can know exactly what your balance sheet is at any time. You can go to a specialist contractor accountancy who know what they are doing.
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Originally posted by Lewis View PostOut of curiosity, does PCG cover investigations into personal affairs? e.g. the offshore accounts mentioned above or would they stick to dealing with only company finances and self assessment tax returns.
More details at http://www.pcg.org.uk/cms/index.php?...647&Itemid=303
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ASB and TheBigYinJames ... do you think if your company accounts had been squeeky clean things would have been different? I ask as it sounds like you both actually did have some outstanding tax to pay at the end of it all (due to bad advice, unclear legislation etc.). Am just wondering if the prudent path is to always err on the site of caution and claim absolutely nothing unless you're 110% sure it's allowable and ensure all accounts are correct to the penny. Would this stop an investigation in its tracks? (of course not an IR35 one).
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