View Profile: Craig@Clarity - Contractor UK Bulletin Board

Today, 13:50

Craig@Clarity replied to a thread Does the company have to have retained profits to loan money? in Accounting / Legal

Yes you can. If the loan amount is outstanding when the year end passes, you have 9 months to repay it back to the company. Any loan balance...

13 replies | 424 view(s)

14th January 2021, 11:44

Craig@Clarity replied to a thread Closing my Ltd - bicycle disposal in Accounting / Legal

Yes.

24 replies | 978 view(s)

14th January 2021, 11:33

Craig@Clarity replied to a thread Closing my Ltd - bicycle disposal in Accounting / Legal

Yes it would be allowed. All I'm saying is there is no tax advantage to gain from claiming AIA if you're going to get rid of the bike when you wind...

24 replies | 978 view(s)

14th January 2021, 09:50

Craig@Clarity replied to a thread DS01 and corporate tax in Accounting / Legal

The limited company has to pay the corporation tax for the previous financial year. If the company doesn't have the funds to pay it, call up HMRC...

5 replies | 315 view(s)

14th January 2021, 09:44

Craig@Clarity replied to a thread Sell company iMac in Accounting / Legal

When you sell the iMac, raise an invoice for it. The money received from the sale goes into the company bank account. Let your accountant know that...

18 replies | 667 view(s)

14th January 2021, 09:38

Craig@Clarity replied to a thread Closing my Ltd - bicycle disposal in Accounting / Legal

In terms of claiming AIA. A balancing charge deals with any overclaim of capital allowances so if you're looking to complete a financial year just...

24 replies | 978 view(s)

13th January 2021, 15:06

Craig@Clarity replied to a thread Self Assessment Capital Gain Exemption in Accounting / Legal

If HMRC aren't expecting you to submit a tax return and all your other income is through PAYE then you don't need to create and file one as the...

8 replies | 433 view(s)

12th January 2021, 20:56

Craig@Clarity replied to a thread Closing my Ltd - bicycle disposal in Accounting / Legal

From a corporation tax point of view it makes no difference.

24 replies | 978 view(s)

12th January 2021, 17:03

Craig@Clarity replied to a thread Closing my Ltd - bicycle disposal in Accounting / Legal

Write it straight off to the P&L and post the proceeds to the same account to either create a profit or loss on the disposal of the asset. There...

24 replies | 978 view(s)

12th January 2021, 11:38

Craig@Clarity replied to a thread Closing my Ltd - bicycle disposal in Accounting / Legal

How much was it?

24 replies | 978 view(s)

12th January 2021, 09:39

Craig@Clarity replied to a thread SATR: topped trading, payments on account and Capital Gains in Accounting / Legal

Short answer is yes. Calculate the tax due on the above for this tax year. Divide it by 2 and round it up conservatively to cover any shortfall. ...

5 replies | 318 view(s)

12th January 2021, 09:30

Craig@Clarity replied to a thread Closing my Ltd - bicycle disposal in Accounting / Legal

Is the bike purchased and disposed of in the same financial year?

24 replies | 978 view(s)

6th January 2021, 10:58

Craig@Clarity replied to a thread VAT - UK sole trader providing services to Italian VAT registered company in Accounting / Legal

If you're no where near the VAT registration limit and don't want to be VAT registered then you don't have to. As Lance has said, just tell them...

3 replies | 248 view(s)

18th December 2020, 14:59

Craig@Clarity replied to a thread Anyone else here using Pandle for their bookkeeping? in Accounting / Legal

I just had to do an internet search for Pandle. Never heard of it before! As others have recommended (assuming you're in the contracting market),...

17 replies | 841 view(s)

18th December 2020, 14:53

Craig@Clarity replied to a thread JRS Scheme / Payroll in Accounting / Legal

Depends on your circumstances but I wouldn't rule it out but rather tailor it to your requirements. We'd be upfront and if agreed a discount, then...

5 replies | 511 view(s)

18th December 2020, 14:27

Craig@Clarity replied to a thread Allowable expenses - university training in Accounting / Legal

Is wholly, exclusive and necessary in the performance of the duties of the employment? If not, then no it's not deductible as an expense under ITEPA...

19 replies | 1020 view(s)

18th December 2020, 14:20

Craig@Clarity replied to a thread JRS Scheme / Payroll in Accounting / Legal

What does going into "inactivity" mean? are you going to stop paying them altogether or pay a reduce fee whilst they take care of the usual things...

5 replies | 511 view(s)

18th December 2020, 14:13

Craig@Clarity replied to a thread Looking for an alternative accountant. Recommendations? in Accounting / Legal

Whether to charge for additional work due to COVID is a difficult to say. From our point of view, COVID has definitely increased our workload with...

11 replies | 1060 view(s)