Reply to: Another SJD Rant

[questiontime]

I have been with SJD for the last 5 years .. I have always got a good service and am happy with them. A few friends I recommended are happy too.
I am happier than my referrals as I am with SJD North East.;-)

From a regulatory perspective they are proactive . I have already recieved a new invoice template (for VAT change), guidance on invoicing and the new FRS rates.
They also call me once a quarter to know how things are at my end and inform about upcoming paperwork (Annual returns etc) . I have the opportunity to ask any questions too.

One thing I miss is proactive advise on individual basis - say, a review of my last years accounts and personal tax returns and suggest tax savings opportunities.
Such a review will be useful during the first 2-3 years in your contracting career.

On a few occassions, emails have gone 'missing' , both mine and theirs. If I don't get a response in 24 hours, I normally send them a reminder email or if urgent, give them a call. More stable recently.

I don't use SJD's IR35 review service as I am more satisfied with B&C.

[simondolan]

Having now read through the email sent to you at the time I can see that we advised you on both the pension and on the capital distribution method. We said that a lump sum into your pension after the cessation of trading would likely be challenged by the Revenue and to opt for the capital distribution method, which from the sums I believe involved would have meant little or no tax payable on the final distribution.

1. I made some suggestions based on my Co tax, etc understanding and my own financial position. One of those suggestions was the viability of ME paying MYCO funds into MY Pension fund.

2. I requested advice and comment based on my suggestions.

3. The advice I received was (in hindsight) defficient in that it did not highlight the fact that a timely pension payment would have been beneficial despite me suggesting paying into a pension.

[xoggoth]

SJD never used to get all these complaints on here. Must be time for a new toupee. Or was that somebody else? I forget.

[Captain Kangaroo]

I'm very confused now. First you say Then you say So - did you make the suggestion, or ask for advice? What exactly were you expecting them to do - since you didn't expect them to make a payment?



I thought you suggested doing the pension?

The question I have - is why didn't you make the payment to the pension then?? You weren't expecting them to make the payment - so who were you expecting to make the payment for you?

1. I made some suggestions based on my Co tax, etc understanding and my own financial position. One of those suggestions was the viability of ME paying MYCO funds into MY Pension fund.

2. I requested advice and comment based on my suggestions.

3. The advice I received was (in hindsight) defficient in that it did not highlight the fact that a timely pension payment would have been beneficial despite me suggesting paying into a pension.

[northernladuk]

But if the collective don't enlighten the OP to his failings, how will he come to realise that he is a right bell-end and try harder?

[oracleslave]

I stand by my earlier post in this thread. We're wasting our time here.

But if the collective don't enlighten the OP to his failings, how will he come to realise that he appears to be a right bell-end and try harder?

[malvolio]

I stand by my earlier post in this thread. We're wasting our time here.

[TheFaQQer]

I'm very confused now. First you say

I proposed taking cash out by an exec pension - which I suggested in Mar-09.

Then you say

I aked your representative 'Tom' for advice in March 2009. I know you can't make a payment from my company.

So - did you make the suggestion, or ask for advice? What exactly were you expecting them to do - since you didn't expect them to make a payment?

*** See above. I did not ask for a pension strategy. I asked for a tax effective means of closing a company

I will email you my details shortly...

I thought you suggested doing the pension?

The question I have - is why didn't you make the payment to the pension then?? You weren't expecting them to make the payment - so who were you expecting to make the payment for you?

[OrangeHopper]

I think you are expecting too much. You are the one running the company. I have SJD do my end-of-year books. They produce a draft, I check it and every single time there is something I want done slightly differently. We discuss it and between us we agree the changes. I ensure I give them my books months in advance of their needing to be submitted to companies houses etc.

[Captain Kangaroo]

So you did nothing, closed down the company anyway, and then complained on a public forum 9 months later.

I requsted advice on company closure in March. Now that its close to completion (due to delays by myself and SJD) I have reviewed the final docs and found that approach they have taken ignored my original suggestions and their own advice.

[VectraMan]

I did ask them to provide timely and accurate advice. Some thing on the lines of 'given you are closing the company down in 3 months time, I suggest you (1) make an payment of X into a pension plan now, draw Y in divs and use the cap. gains method for the remainder'. Advice I requested, but didn't receive.

So you did nothing, closed down the company anyway, and then complained on a public forum 9 months later.

[Captain Kangaroo]

No - you do need advice from an IFA for matters regarding your pension.

Am I right in thinking that Tom would have advised something along the lines of "Yes, you would save tax if you put the funds into a pension, but you would need to seek the advice of your IFA to make sure this is the right thing in your particular circumstances" ?

*** Nope - no such conversation. As I said before I don't need to use an IFA. After an expensive an unpleasant experience at the hands of a former insurance salesman I educated myself.

Also, if we did the Company closure for you I'm guessing that we've put in place the mechanism for you to claim a capital distribution and claim entrepreneurs relief, meaning the tax rate on the final distribution would have been less than 10%?

*** No you haven't but I did suggest it 8 monsth ago. Still not too late I suppose. 10% eh? Shame no one told me about that...

It is not, and never has been our remit to advise on pension strategy - the tax implications are only one part of it - it is a much more involved decision than that.

*** See above. I did not ask for a pension strategy. I asked for a tax effective means of closing a company

I will email you my details shortly...

[Cosmo]

My guess is that SJD aren't authorised to provide Investment Advice... if they had and it went tits up, you'd be complaining about it and they'd be in big trouble from the FSA.

9 months for you to wait to "complain" is a bit bonkers. why didn't you chase it up back then?

[oracleslave]

You seem to have an ulterior motive or expectations that are beyond a level of reasonableness.

http://forums.contractoruk.com/accou...tml#post383447

[Captain Kangaroo]

That wasn't what I meant. As Simon says, they cannot do anything with your money. If you asked a question and didn't receive a prompt reply, I'd suggest the thing to have done would be to send a reminder. Not wait 9 months until it's too late and then complain on a public forum.

I know they can't do anything with my money. I didn't ask them to. I did ask them to provide timely and accurate advice. Some thing on the lines of 'given you are closing the company down in 3 months time, I suggest you (1) make an payment of X into a pension plan now, draw Y in divs and use the cap. gains method for the remainder'. Advice I requested, but didn't receive.