Reply to: Dividend tax 25% on self assessment - can i move it to another year ?

[northernladuk]

No - not on flat rate VAT - 4% ? We're working on standard!

Sorry it's 7.5% as per the HMRC's flat rate scheme HM Revenue & Customs: Flat Rate Scheme for VAT

[ContractJo]

Also are you on Flat Rate Vat? Interesting to know how you decide what value to use bearing in mind retailing clothing is only 4%. Could be expensive if you get this wrong.

No - not on flat rate VAT - 4% ? We're working on standard!

[ContractJo]

Interesting one that...

The site below says...

https://www.knowledge.hsbc.co.uk/lau...xes/tax+and+ni



and a very similar question on accounting web has a very detailed answer

2 separate trades through one company, can i claim all expenses | AccountingWEB



Would advise you read it fully rather than just take the quote above as said as I wouldn't like to get the context wrong.

Thanks for that - hopefully that's what my accountant is aware of!

[Platypus]

Get your own bleedin line!!!

Don't worry - "do a search" and "check the links on the right" are still yours

[northernladuk]

Also are you on Flat Rate Vat? Interesting to know how you decide what value to use bearing in mind retailing clothing is only 4%. Could be expensive if you get this wrong.

[northernladuk]

Interesting one that...

The site below says...

https://www.knowledge.hsbc.co.uk/lau...xes/tax+and+ni

12 Losses

12.1 A limited company can offset its trading losses against all other income in the accounting period.

and a very similar question on accounting web has a very detailed answer

2 separate trades through one company, can i claim all expenses | AccountingWEB

What you have is two trades. You compute the profits and losses of those two trades separately, without reference to each other. Then you tot up all of the company's income (ignoring losses), then you're allowed to offset any trading losses against that total income. So if the only potential sources of income are profitable trade 1 and loss making trade 2, then the effect of that is that the losses of trade 2 do, indeed, get set against trade 1.

Would advise you read it fully rather than just take the quote above as said as I wouldn't like to get the context wrong.

[ContractJo]

Interesting. What have you designated the company as? I thought it was advisable not to run to LTD's when doing completely different types of work from them? Or at least get the purpose of the main part correct?

Accountant approved it - something about articles of association not being specific i seem to remember!

[northernladuk]

Interesting. What have you designated the company as? I thought it was advisable not to run to LTD's when doing completely different types of work from them? Or at least get the purpose of the main part correct?

[ContractJo]

As a matter of interest - why two Ltd Co's??

In a nutshell - first company - IT consultancy - set up for specific contract - hasn't had any income since Sep 2011

New company set up as ladies fashion shop - totally new venture a year ago - but now also consulting out of that company too - shop will make big loss in first year but consultancy can put income back in - and will be able to repay loans (to me as owner) rather than take out salary / dividends from profit .....

Hope all that makes sense

[LisaContractorUmbrella]

I do ... the period in question fell between two limited companies and two accountants - my new accountant is helping me but these questions relate to a ltd company and accountant which i'm no longer using.

As a matter of interest - why two Ltd Co's??

[LisaContractorUmbrella]

Get your own bleedin line!!!

Imitation is the sincerest form of flattery you know

[ContractJo]

Get your own bleedin line!!!

Sorry ??

[ContractJo]

Do you have an accountant ContractJo?

I do ... the period in question fell between two limited companies and two accountants - my new accountant is helping me but these questions relate to a ltd company and accountant which i'm no longer using.

[northernladuk]

Do you have an accountant ContractJo?

Get your own bleedin line!!!

[LisaContractorUmbrella]

Thanks all for your advice ..... my accounts have been submitted as year end was 31.1.12 - so guess that doesn't help ?

Do you have an accountant ContractJo?