Advice on Ltd COmpany

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simondolan replied

8 November 2005, 10:55
You might want to click below for a useful guide to saving tax:

http://www.sjdaccountancy.com/about/sjd_bespoke.html
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tim123 replied

8 November 2005, 10:30
Originally posted by NetwkSupport

Loan - my mum lent me £2000 to pay out on my expenses (im working away and have to pay my travel, hotels and food up front then claim the expenses back via a monthly invoice to my client/agency) so i want to pay her back in dec but dont want to "lose out" by having to pay tax on the £2000 i draw out to give her back?!

So, your mum lent the company the money, it is the company that gives it back to her.

Simple, as long as you have the correct documentation in place.

tim
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Lucifer Box replied

8 November 2005, 08:59
Have to agree with Denny here. You need professional advice at this early stage of your contracting career. There are a lot of well informed and well intentioned people here but you do not want to be relying on free advice right now. As we all know, most advice is worth exactly what you paid for it.

You do have an accountant, yes? If not, you should get one before proceeding any further. A couple frequent this board and should make themselves known to you. If not, just start a thread called "Accountant Wanted" or somesuch.
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Denny replied

7 November 2005, 23:15
I'd talk to an accountant. You're query sounds too complicated to rely on our advice only.
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NetwkSupport started a topic Advice on Ltd COmpany

7 November 2005, 21:25
Advice on Ltd COmpany

Ive just setup my own ltd company for my first contract job and wanted some advice on my new ltd company.

Salary - is it best to just draw a small salary (20k pa) and then top myself up by paying dividends every few months?

Ways of paying less tax - what expenses can i offset against my company profits to reduce my tax burden? i.e how much can i spend on training/computer hardware/clothing(??)/etc... ??

Loan - my mum lent me £2000 to pay out on my expenses (im working away and have to pay my travel, hotels and food up front then claim the expenses back via a monthly invoice to my client/agency) so i want to pay her back in dec but dont want to "lose out" by having to pay tax on the £2000 i draw out to give her back?!

Any advice would be much appreciated
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