just a general piece of advice - I would suggest you have your contract reviewed, if you have not already done so, to make absolutely sure you should be operating inside of IR35.
Secondly if you are considering an umbrella company please see the umbrella company thread and the advice given there.
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Reply to: inside IR35 expense
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Previously on "inside IR35 expense"
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Originally posted by chrisl View PostWell they are asking me for the money so i assume it is my personal debt not the company.
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Well they are asking me for the money so i assume it is my personal debt not the company.
No PI insurance im afraid.
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And if it was due to a problem with your work did you have professional indemnity insurance?
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I'd concur on the brolly option if you are within IR35.
Re the debt, whose is it? Your's personally or your companies which you have closed down? If it's the companies, how liable are you personally for it?
Go and speak to a solicitor, they'll offer more value than anyone here.
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Originally posted by chrisl View PostI have been inside IR35 for a number of years now using my own limited company.
I have had problems with my agency and have recently been to court and it has been agreed that i have to settle around £3,000 to them for the problems that have gone on.
Because of the problems i stopped using my company last year and will look to shut it down soon. I opened up a new one and now work through a new agency too also inside of IR35.
Now i have not got £3,000 spare so i need a loan. I can not take a directors loan as my new company does not have much money in it yet, i havnt been trading for long.
Being inside of IR35 am i right in that i can not claim this loan as an expense anyway. My old company is not trading any longer so i can not claim it against the old company but can i take a personal loan in respect of the problems i had when using the old company and claim an expense against the new company.
Really my question is, can i do anything with the loan i need to get, can i claim anything and reduce my tax liabilities? What is the best way to deal with this problem?
Simple answer: No.
Your old and new companies are different legal entities you can't do this.
If your inside IR35 just go umbrella. esp if you plan to keep getting taken to court
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inside IR35 expense
I have been inside IR35 for a number of years now using my own limited company.
I have had problems with my agency and have recently been to court and it has been agreed that i have to settle around £3,000 to them for the problems that have gone on.
Because of the problems i stopped using my company last year and will look to shut it down soon. I opened up a new one and now work through a new agency too also inside of IR35.
Now i have not got £3,000 spare so i need a loan. I can not take a directors loan as my new company does not have much money in it yet, i havnt been trading for long.
Being inside of IR35 am i right in that i can not claim this loan as an expense anyway. My old company is not trading any longer so i can not claim it against the old company but can i take a personal loan in respect of the problems i had when using the old company and claim an expense against the new company.
Really my question is, can i do anything with the loan i need to get, can i claim anything and reduce my tax liabilities? What is the best way to deal with this problem?Tags: None
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