Originally posted by malvolio
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Reply to: Umbrella 1 Assignment Before Going Ltd
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Previously on "Umbrella 1 Assignment Before Going Ltd"
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Originally posted by claretfan View PostHi,
I've done a quick search but can't find the answer....
I started contracting in March 2011 via an Unbrella company and had all intentions of staying with them for future contracts.
When I saw the benefits of LTD, I switched mid 1st contract in July 2011 (I have had another contract recently)
I have just been sent a P11d from the Umbrella stating expenses outside of those allowable - travel, hotels etc.
Do I have to declare to IR or can I get round this ?
Thanks
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Originally posted by claretfan View PostWhy think the worst of everyone ?
Get it clear in your mind before you get into touble, inadvertantly or not: a Limited Company is not there so you don't pay taxes on things. And be very clear that company money and your money are two entirely different things; you and YourCo are legally different persons (literally) and don't ever mix them up.
That's also why the standard answer is "ask your accountant". There may be a legal way to mitigate a payment, in which case he will know it.
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Yes I did get an accountant but this never came up in conversation.
No I am not trying to evade tax, I'd only be interested if there was a legit way around.
Why think the worst of everyone ?
Leave a comment:
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Originally posted by claretfan View PostHi,
I've done a quick search but can't find the answer....
I started contracting in March 2011 via an Unbrella company and had all intentions of staying with them for future contracts.
When I saw the benefits of LTD, I switched mid 1st contract in July 2011 (I have had another contract recently)
I have just been sent a P11d from the Umbrella stating expenses outside of those allowable - travel, hotels etc.
Do I have to declare to IR or can I get round this ?
Thanks
Leave a comment:
-
Umbrella 1 Assignment Before Going Ltd
Hi,
I've done a quick search but can't find the answer....
I started contracting in March 2011 via an Unbrella company and had all intentions of staying with them for future contracts.
When I saw the benefits of LTD, I switched mid 1st contract in July 2011 (I have had another contract recently)
I have just been sent a P11d from the Umbrella stating expenses outside of those allowable - travel, hotels etc.
Do I have to declare to IR or can I get round this ?
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