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Reply to: Best time ot invoice?
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Previously on "Best time ot invoice?"
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Assuming you are working on a contract via an agency, why are you not invoicing monthly anyway? Why leave your money with the agency? There is a small risk here if the agency goes belly up...
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Originally posted by jubilee View PostHi, I formed my company in Dec 2011 and I pay a seperate employee a monthly salary - I have yet to pay myself anything. I was wondering if it makes any difference if I invoice before 5 April or not as I want to withdraw dividends for myself before 5 April tax year end (my personal allowance).
I wasnt sure if there is any correlation between withdrawing income and company tax year end which in my case is Nov 2012.
Also best way to withdraw the income, do I class it as dividend or a salary?
thanks
Just answering one small point, in terms of dividends, if its declared before April 5th then it will count as personal income in that tax year.
Like someone said, get an accountant or your going to be in deep trouble soon.
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Originally posted by jubilee View PostHi, I formed my company in Dec 2011 and I pay a seperate employee a monthly salary - I have yet to pay myself anything. I was wondering if it makes any difference if I invoice before 5 April or not as I want to withdraw dividends for myself before 5 April tax year end (my personal allowance).
I wasnt sure if there is any correlation between withdrawing income and company tax year end which in my case is Nov 2012.
Also best way to withdraw the income, do I class it as dividend or a salary?
thanks
Leave a comment:
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Originally posted by jubilee View PostHi, I formed my company in Dec 2011 and I pay a seperate employee a monthly salary - I have yet to pay myself anything. I was wondering if it makes any difference if I invoice before 5 April or not as I want to withdraw dividends for myself before 5 April tax year end (my personal allowance).
I wasnt sure if there is any correlation between withdrawing income and company tax year end which in my case is Nov 2012.
Also best way to withdraw the income, do I class it as dividend or a salary?
thanks
In addition, you state that you also employee a seperate person who you pay monthly.
What does not add up in any way, shape or form is how on earth you are paying somebody when you haven't actually invoiced anything.
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Originally posted by jubilee View PostHi, I formed my company in Dec 2011 and I pay a seperate employee a monthly salary - I have yet to pay myself anything. I was wondering if it makes any difference if I invoice before 5 April or not as I want to withdraw dividends for myself before 5 April tax year end (my personal allowance).
I wasnt sure if there is any correlation between withdrawing income and company tax year end which in my case is Nov 2012.
Also best way to withdraw the income, do I class it as dividend or a salary?
thanks
Best ask your Accountant via an interpreter.
Leave a comment:
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Originally posted by jubilee View PostHi, I formed my company in Dec 2011 and I pay a seperate employee a monthly salary - I have yet to pay myself anything. I was wondering if it makes any difference if I invoice before 5 April or not as I want to withdraw dividends for myself before 5 April tax year end (my personal allowance).
I wasnt sure if there is any correlation between withdrawing income and company tax year end which in my case is Nov 2012.
Also best way to withdraw the income, do I class it as dividend or a salary?
thanks
Read the first timers guides on the right hand side which will explain everything you need to know.
You also need to get an accountant. You are legally reponsible for the finances of you company and it appears your level of knowledge alone is not enough. The accountant will not only sort out your mess for you but will also advise on many other aspects of your accounts you are unaware of so is likely to save his fees twice over in the first year.
There is a list of good contractor accountants on here. Pick one of those not a local bod, they know contracting.
Leave a comment:
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Best time ot invoice?
Hi, I formed my company in Dec 2011 and I pay a seperate employee a monthly salary - I have yet to pay myself anything. I was wondering if it makes any difference if I invoice before 5 April or not as I want to withdraw dividends for myself before 5 April tax year end (my personal allowance).
I wasnt sure if there is any correlation between withdrawing income and company tax year end which in my case is Nov 2012.
Also best way to withdraw the income, do I class it as dividend or a salary?
thanks
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