HGV driver. inside IR35 preparing own accounts.

**SueEllen** · 4 October 2016, 21:31

As a director you do an SA anyway.

It's not hard if you have easy to work out income which you will unless you have loads of investment income.

HMRC can then exempt you from doing a SA, but talking to my mates on PAYE you are only exempt if HMRC sees they owe you money year after year.

**lorryman** · 4 October 2016, 21:44

Thanks SueEllen

I am ok with SA
and Ok with PAYE and yes there will be tax and ni to pay on about £26k income so no worries there too,

I am just looking for how to tackle the CT600 return and whether it is still required if the contract is inside IR35 and there is no corporation tax to pay as there is no money left to be taxed..

and template for companies house account is there is no debtor/creditors etc and the only capital is just the 1 share.

Thanks

**northernladuk** · 4 October 2016, 22:57

I thought there was a cut off of around 30k where it wasn't worth running a LTD and an umbrella would be OK?

**pr1** · 5 October 2016, 09:48

Originally posted by northernladuk View Post

I thought there was a cut off of around 30k where it wasn't worth running a LTD and an umbrella would be OK?

he's saving on accountancy/umbrella fees by asking here

**VectraMan** · 5 October 2016, 10:00

If you have a trading Ltd. company (and to a lesser extend a dormant Ltd. company) there's no getting around having to do annual accounts and CT return even if the numbers are zero. But it's not so hard and the online system these days makes it reasonably (but not completely) fool proof. With 5% left over you'll still have some small profit and CT to pay, which makes a small difference to what you'd get with an umbrella.

**northernladuk** · 5 October 2016, 10:39

Originally posted by pr1 View Post

he's saving on accountancy/umbrella fees by asking here

It appears so but if it's just as/if not more efficient to be brolly with those figures he's wasting his time and opening himself to the risk of making mistakes that he simply doesn't need to?

**SimonMac** · 5 October 2016, 10:56

Originally posted by lorryman View Post

Hello guys and gals.

I am planning on doing my own accounts and I would appriciate if anyone in situation is doing the same.

I am HGV driver and have own PSC LTD company.

My income is about 500 a week that I recieve in company accounts, and I am inside IR35 so I am happy with 95% availabel to be taken via PAYe and 5% to cover the costs.

I have registered for PAYE and planning to run monthly payroll.

My question is do I need to put myself as director or normal employee on HMRC basic payroll RTI software.
I believe Director,,

Next I need to get my head around the filing requirment.

CT600
Do I need to register for HMRC CT600 filing if all the money will be taken out via PAYE i.e. nothing left and n CT to pay! If I have to than nothing to pay anyway..

Self Assesment
I am sure as a director-employee of the company I do not need to file SA if I am paid via PAYE or may be just submit the p60 details there?

Account for Companies house
Anybody please have a format of the companies house abbriviated accounts related to my situation.

Confirmation statements. [ I am ok with that.]

Paye[I am ok with this too]

Thanks in advance

LorryMan

I don't think you will get anyone in the same boat as you, as its very niche and most of us are It Contractors (pretending) to be outside IR35, however I don't use an accountant and by the sounds of it your situation is simple so shouldn't have too much trouble.

Yes you will have to complete a CT600 its a requirement for all LtdCo's, on the HMRC Basic PAYE Tools again yes you will be a director, as legally the company will need at least one.

**lorryman** · 5 October 2016, 21:43

@northernladuk yes you are right it worth not having company if the income is less then basic rate however as my income is inside IR35 so by it myself I am saving on umbrella company fee and accountants fee aswell so in my case it is only cost of £13 plus fee of £144 for taxfiler.

@pr1 yes I do not want to pay Accountant fee for something I can do myself and a little help from this forum
I would rather donate to this forum than paying an accountant who is doing the same job for me for £650!!!

@SiminMac thanks you are right. I did some research and found these compnies on companies house website and I am sure they are same as me i.e inside IR35 and the abriviated accountants are as I expected £1 share = £1 in bank.
https://beta.companieshouse.gov.uk/c...filing-history
01 May 2016 Total exemption small company accounts made up to 31 October 2015

The 5% I can claim for the admin charges so nothing left for CT600.

Also a good read if anyone interested.
https://www.taxation.co.uk/Articles/...61/living-ir35

As the HMRC says.....
Tax doesn't have to be taxing

**VectraMan** · 6 October 2016, 07:33

Originally posted by lorryman View Post

As the HMRC says.....
Tax doesn't have to be taxing

They don't mean that.

Unless your admin charges are exactly (or more than) 5% there will be something left for the CT. Also you need to account for unpaid invoices at year end, and (in theory at least) that should also include work that you've done that you haven't invoiced for yet. It's possible at year end you'll have no debtors and no creditors, but if you're working around that period you probably will. None of this is difficult, but is part of knowing the true position of the company you have responsibility for and not doing what most do and assume it's the accountant's problem.

Why Ltd. and not sole trader out of interest? If I'd have had to guess I'd have said HGV drivers were probably sole traders, or employees of agencies.

HGV driver. inside IR35 preparing own accounts.