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Dong
23rd October 2009, 09:17
Something to worry about? Thought some here might be interested...

Contractors who work through their own limited company may face a backlash over any dividend payments they make to themselves, an expert has said.

Paul Spindler, technology partner at chartered accountants Kingston Smith, warned that contractors should consider the repercussions of having a low salary and high bonus payments should HM Revenue and Customs (HMRC) decide to investigate.

Speaking to industry site Contractor UK, he cited a recent case in which a contractor working through a limited company argued that dividend payments were part of a bonuses scheme and therefore could not be subject to PAYE or National Insurance.

HMRC disagreed with the contractor, adding: "The employees received their dividends not by reason of holding shares but because of their employment with the company."

The tax tribunal added that it is possible for dividend payments to be classified as both a bonus and as income.

Contractors have been subject to a number of recent financial changes, with the Financial Services Authority proposing to bring an end to self-certified mortgages.

http://www.excelliumumbrella.com/news_view.php?id=19422889

Churchill
23rd October 2009, 09:23
I wonder who you work for...

FFS!

Moscow Mule
23rd October 2009, 09:29
I wonder who you work for...

FFS!

Same story was in the ContractorUK newsletter.

Clarky
23rd October 2009, 09:30
FFS +1

If the divi had done the divi properly in the first place (i.e. had shares AND declared them as dividends properly) he probably wouldn't be in that situation.

threaded
23rd October 2009, 09:54
FFS +1

If the divi had done the divi properly in the first place (i.e. had shares AND declared them as dividends properly) he probably wouldn't be in that situation.

Yes, a tip for newbies: accountants may seem expensive, but never look on them as a cost, but at how much they will save you.

Dong
23rd October 2009, 09:55
Same story was in the ContractorUK newsletter.

Oh? Sorry - don't get that newsletter, only get the one that I attached. Attached cause thought you guys might want to know where I got the info.

So old news then? Hmm, will have to think of a new topic. Geez - you guys are hard to please.....

EternalOptimist
23rd October 2009, 09:57
blooming heck, just heard

the Beatles are splitting up


:rolleyes:

Clarky
23rd October 2009, 10:02
Oh? Sorry - don't get that newsletter, only get the one that I attached. Attached cause thought you guys might want to know where I got the info.

So old news then? Hmm, will have to think of a new topic. Geez - you guys are hard to please.....

We only come across harsh as you quoted it and put a link to an umbrella company at the end... it gives the impression that you're trying to sell their services, and as you only have 20 posts it makes it more likely that you a) joined the forum, b) post some normal type stuff to get in with the crowd and then c) pow, in with the company recommendations you have a link with.

If you've nothing to do with them fine, but we're a cynical bunch...!

Clarky
23rd October 2009, 10:05
Yes, a tip for newbies: accountants may seem expensive, but never look on them as a cost, but at how much they will save you.

Exactly! Same goes for PI, Insurance etc...

Sysman
23rd October 2009, 10:05
We only come across harsh as you quoted it and put a link to an umbrella company at the end... it gives the impression that you're trying to sell their services, and as you only have 20 posts it makes it more likely that you a) joined the forum, b) post some normal type stuff to get in with the crowd and then c) pow, in with the company recommendations you have a link with.

If you've nothing to do with them fine, but we're a cynical bunch...!

WHS +1

Dong
23rd October 2009, 10:12
We only come across harsh as you quoted it and put a link to an umbrella company at the end... it gives the impression that you're trying to sell their services, and as you only have 20 posts it makes it more likely that you a) joined the forum, b) post some normal type stuff to get in with the crowd and then c) pow, in with the company recommendations you have a link with.

If you've nothing to do with them fine, but we're a cynical bunch...!

LOL - ok, well the truth is I do work for them. That's why I get the newsletter. But it's on my profile and the moderators can tell you that I'm not lying. Well I think they can, not sure now. But I never had any intention of lying about it. Nor was I trying to sell anything. I'm not in sales, I'm in payroll. Besides, it's not like any of you guys are umbrella people and that's all we do. I'm here cause you guys are funny.

Dong
23rd October 2009, 10:20
um.....:ohwell

Both are good, don't you think? I have a peculiar sense of humour.

And on the plus side I'm paying a lot more attention to my spelling and grammer since I've joined....

Xenophon
23rd October 2009, 10:21
LOL - ok, well the truth is I do work for them. That's why I get the newsletter. But it's on my profile and the moderators can tell you that I'm not lying. Well I think they can, not sure now. But I never had any intention of lying about it. Nor was I trying to sell anything. I'm not in sales, I'm in payroll. Besides, it's not like any of you guys are umbrella people and that's all we do. I'm here cause you guys are funny.

Your sentences are short.

Clarky
23rd October 2009, 10:22
um.....:ohwell

Both are good, don't you think? I have a peculiar sense of humour.

And on the plus side I'm paying a lot more attention to my spelling and grammer since I've joined....

Have you even seen a grown man naked? (props to HAB)

Xenophon
23rd October 2009, 10:22
um.....:ohwell

Both are good, don't you think? I have a peculiar sense of humour.

And on the plus side I'm paying a lot more attention to my spelling and grammer since I've joined....

grammar*

Dong
23rd October 2009, 10:22
Ok, EternalOptimist is a bit off the wall..... but that just makes him my favourite.

EternalOptimist
23rd October 2009, 10:22
tell us a joke, and you're in

Dong
23rd October 2009, 10:27
tell us a joke, and you're in

How about my favourite quote instead?

I asked God for a bicycle, but I know he doesn't work that way, so stole a bike and asked for His forgiveness instead.

Dong
23rd October 2009, 10:29
grammar*


:laugh ok, so maybe I'm only paying more attention to my grammar then and not so much the spelling...

Xenophon
23rd October 2009, 10:31
How about my favourite quote instead?

I asked God for a bicycle, but I know he doesn't work that way, so stole a bike and asked for His forgiveness instead.

A religious joke. Don't tell Chico...(what happened to him?)

Xenophon
23rd October 2009, 10:32
:laugh ok, so maybe I'm only paying more attention to my grammar then and not so much the spelling...

:grin

Dong
23rd October 2009, 10:37
Have you even seen a grown man naked? (props to HAB)

Why, you offering?:wink

fckvwls
23rd October 2009, 10:39
Why, you offering?:wink


My significant other sometimes has a bit of pork in her....?



Yes that's right, we love a good roast pork dinner on a Sunday!



Consider this an invite to join him and the missus for a spit roast on sunday.

Dong
23rd October 2009, 10:49
Consider this an invite to join him and the missus for a spit roast on sunday.

Ow nutz! :happy I happen to be busy this Sunday. Outta town and all that.
Besides, with only a 'bit' to spare there probably wouldn't be enough pork to go around...

Clarky
23rd October 2009, 10:53
Good grief.... also, beware that double entendre can backfire on you... :emb