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  • 80211
    started a topic Reclaiming VAT and Corporation Tax under FRS

    Reclaiming VAT and Corporation Tax under FRS

    Hello all,

    Just have a quick question regarding VAT and CT claim for a limited company.

    I want to purchase a PC say for £1,000.

    I am struggling to understand whether it is better to buy a PC and then register for VAT FRS and reclaim the VAT for this pc...
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  • DkPowers
    started a topic Corporation tax inside IR35

    Corporation tax inside IR35

    Hi folks,

    I have a simple question which I am struggling to find a clear answer to.

    I have a limited company. 1 client who pay me monthly. Private sector. The one contract falls inside IR35.

    Each month my accountant runs the IR35 calculation and I pay myself...
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  • squidlet
    started a topic End of year accounts with new accountant

    End of year accounts with new accountant

    Hi!

    I've just received the end of year accounts for my boyfriend's Ltd, and out of about £43,000 in turnover, the corporation tax adds up to about £5,200.

    My boyfriend (director) contracts all over Europe, for 2-6 months at a time. This means he has to travel to various...
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  • retyfraser
    started a topic Illegal dividends or not !

    Illegal dividends or not !

    I`ve a question on these Dividends and need to know more if what i am about to say will be illegal dividends or not.

    I am an IT contractor and my company gets paid every month. Say my company bank account has £20,000 as its balance as of today. Is it correct for me to declare £19,000...
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    Last edited by Contractor UK; 28 March 2017, 11:59.

  • spec0203
    started a topic Creditors Voluntary Liquidation

    Creditors Voluntary Liquidation

    I have started a Ltd company in 2011 and everything going smooth until 2012. In 2013, I took big amount on director loan and paid the whole amount by taking dividends in 2013. I have paid corporation tax and VAT for 2011. But not paid for 2012 due to no funds.

    Then I have approached...
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  • penx
    started a topic Value for corporation tax - Accounts vs CT600

    Value for corporation tax - Accounts vs CT600

    I purchased a laptop this year, so am counting it as an asset and applying 33% depreciation in my accounts, while claiming first year allowance for 100% of its value in my CT600 calculations.

    As this is the first year I've had to do this, I have a question but haven't been able to find...
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  • itsmguy
    started a topic Basic expense claiming

    Basic expense claiming

    Hi all,

    I'm thinking of starting contracting. I have decided to start a limited company. I have read what expenses I could claim but what I don't understand is how much of it comes off my corp tax bill and therefore HMRC pay for it? Or am I way off?

    E.g.

    ...
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  • itcontracter
    started a topic Taxable profit and Corporation Tax

    Taxable profit and Corporation Tax

    Hello,

    I am an IT consultant. I am considering to invest surplus business cash on shares, property etc through my limited company. Question is whether I should pay corporation tax on the amount invested or the amount invested can be negated from profit for the year while calculating...
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  • UK and Netherlands TAX for Ltd company/PAYE etc

    Hi there
    I have just been offered a services contract in the netherlands, for around 6 months.
    I currently offer services/consulting via a Ltd company in the UK. Paying VAT and corporation tax in the UK.

    I pay personal tax on both my salary and dividends in the UK as a director....
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  • Owe Corporation Tax & Dividends, moved overseas

    I was living in the UK for a year or so, and unexpectedly had to move to the USA.
    I worked as a contractor in the UK and opened my own business accordingly.
    During my time in the UK I racked up a rather large debt of corp tax and dividends which I'd overpaid to myself (6 thousands pounds...
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  • Repaying a previous year's Director's Loan after further Director's Loan taken

    If a Director's Loan of £5000 was taken in 2012/13 accounting year and then further director's loans were taken in the 2013/14 accounting year totalling £25,000, to avoid paying Corporation Tax on the loan, I understand from here that the DLA must be repaid "in full within 9 months".
    ...
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  • RobertTheBuilder
    started a topic Profit extract from LTD?

    Profit extract from LTD?

    Hi There,

    Normally an employee, recently started doing it alone, I've incorporated a LTD and will instruct an account as soon as some cash comes in. Therefore please excuse my ignorance, I have been reading various websites, but I'm only partially more clear than when I started. ...
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  • swingm
    started a topic accountant no filed corporation tax

    accountant no filed corporation tax

    I am having trouble getting hold of my accountant, the HMRC say he hasn't filed my companies accounts for three years and have given me a massive estimated tax bill and companies house are threatening to prosecute me if my accounts are not filed. Can anyone help? How do I get him to do the job asked...
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  • CT600 HMRC Corporation Tax - X Error

    hi there - can anyone help with the errors i am getting when trying to fill out the HMRC CT600 form.

    In short the trading for the year is as follows:

    turnover = £10,859.00
    cost of sales = £1,304.00
    admin expenses = £10,288.00

    loss for year...
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  • What's the point in setting up a company and paying dividends?!

    Ok I have read and re-read guidance and posts on this site and I still don't understand... sorry..
    We have 2 directors/shareholders, one earning £20k p.a. and the other £40k p.s. in their full time jobs. We rent a house for holiday lettings and have set up a company for that purpose. At the...
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  • Can I pay my limited company's annual tax early?

    Hi,

    I have been working as a contractor since February 2012 and them moved to permanent position.

    I have not received any amount in my business account since February but my accountant is not closing my account and that force me to pay him every month and now my bank...
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  • Limited Company Struck Off - Corporation Tax Question

    Hi all,

    I got confirmation that my Limited Company has been struck off and removed from the company register on the 24/04/2012 (last day of trading was 31st July 2011 and I started permanent employment on 1st August 2011).

    So far so good, however, I was under the impression...
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  • jubilee
    started a topic Best time ot invoice?

    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).
    ...
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  • What Payment Method is Both Legal and Maximizes My Net?

    I'm going to setup a company and I'd need to figure out how to manage my taxes which would be both legal and it would maximizes my net income.

    I'm married and my wife doesn't work. I see 3 main factors affecting this; 1) Director and ShareHolder (DS) 2) Employee (E) or not 3) Husband...
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  • Winger300
    started a topic Corporation Tax inside IR35

    Corporation Tax inside IR35

    I received a surprise this morning with a bill for corporation tax. I am working fully inside IR35, and had assumed that since all earned income must be paid as PAYE, there would be zero company profits, and therefore no corporation tax to pay.

    it looks like the accountant has counted...
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