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  1. Replies
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    Pre - Trading Expenditure

    Specific deductions: pre-trading expenditure: scope

    S57 Income Tax (Trading and Other Income) Act 2005 (ITTOIA 2005), S61 Corporation Tax Act 2009 (CTA 2009)

    The above legislation provides...
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    Corporation Tax Accounting period (CATP)

    Actually I think you right here, your company was effectively preparing to carry on business for the period 1 Feb 17 to mid April 17 but did not actually become 'active' for corporation tax purposes...
  3. [QUOTE=WordIsBond;2235159]LOL. Can't come soon...

    [QUOTE=WordIsBond;2235159]LOL. Can't come soon enough.

    This time, at least he/she/it cited a somewhat official source, but as Martin noted, it's wrong. UKCA can't even get it right when they...
  4. https://www.gov.uk/government/publications/employm...

    https://www.gov.uk/government/publications/employment-allowance-more-detailed-guidance/single-director-companies-and-employment-allowance-further-employer-guidance
  5. I just needed to correct your initial rubbish...

    I just needed to correct your initial rubbish post about 2 directors not qualifying and dissmissing the CIOT quote.

    If you bothered to look at the draft legislation published in November 15 and...
  6. Rubbish that happens to be right! - 2 directors...

    Rubbish that happens to be right! - 2 directors can claim EA!

    There you go your quote about Accountant should know this - I do (NW clearly dont or are being ultra cautious).
  7. How would you know?- anyway board is not for self...

    How would you know?- anyway board is not for self promotion as per mods/admins
  8. Suggest you have a read- looks like you have...

    Suggest you have a read- looks like you have blown yourself up with your own missile!

    Employment Allowance 2016/17 | AccountingWEB
    ...
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    Directors NI

    He said NI - the answer is still no if you ticked the box that says 'apply director NI'
  10. 2 Directors

    Yes it does according to the CIOT!

    "CIOT says the planned curbs are easily avoided, either by appointing another director, such as a spouse, civil partner, other family member or friend, and...
  11. One-person businesses may circumvent curb on employment allowance

    One-person businesses may circumvent curb on employment allowance | Taxation

    The department’s proposals, in a consultation document, would apply to companies whose sole employee is also the...
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    Tax refund

    If you are going to pay yourself nil for march 16 and are on a cumulative tax code you will get a tax refund through the payroll system-will save the hassle of completing a Tax Return to get this...
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    P45/P60

    You would have received a P45 when your left your previous employment. When you set the payroll up for March 16 you will need to key in the P45 figures for gross pay & tax deducted before processing...
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    7 day Period

    You are able to make up accounts to the Accounting Reference Date (ARD) or 7 days either side of this date.

    So only one set of accounts required.
  15. Thread: Living Wage

    by john@UKCA
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    Go back to your Accountant then and state that...

    Go back to your Accountant then and state that the living wage and the NMW do not apply to Directors with no service contract.
  16. Thread: Living Wage

    by john@UKCA
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    Perhaps the Director has been given a Contract...

    Perhaps the Director has been given a Contract which makes him a worker subject to the NMW?
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    Contractor Specialist

    Yes agree with the posts above that a Contractor Accountant specialist is the way to go, however, not convinced that one of the 'big boys' provide the best the service!

    Looking at set of accounts...
  18. DIY Accounts

    The problem comes when you need the accounts in support of a mortgage application and SA302S don't cut it because you have retained profits within the company.

    Most lenders don't accept DIY...
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    The connected party rules for stamp duty applies...

    The connected party rules for stamp duty applies where you are transferring property to limited company at under value.

    The 3% stamp duty hike only applies if you personally own more than one...
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    Planned register of beneficial owners!

    The Government has plans to introduce a pubic register of who really owns uk companies. I think it is coming in later this year sometime.
  21. Replies
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    nominee Shareholder

    Nominee shareholder + declaration of trust
  22. And therin lies the problem- how many Contractor...

    And therin lies the problem- how many Contractor Ltd's will be tempted to overstate accrued income in order to bolster the max dividend payable this tax year.
  23. Ask them if they are FRS102 compliant yet.

    Ask them if they are FRS102 compliant yet.
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    Interim Distribution on MVL

    The final distribution will not be sorted by the 6 April if sent for a MVL now, but there is still time to get it sorted to pay a interim distribution.

    The liquidator I use had 28 new cases this...
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    CRR Transfer

    It comes from the P&L Reserve - its a book entry that your Accountant will do for you when preparing the year end accounts.

    Rquired otherwise the Capital of the company will be reduced to the...
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    Year End

    Your year end remains 30 Sept 16 unless you change your Accounting Reference Date (ARD) at Companies House and prepare accounts to your cessation date.

    HMRC should get automatic notification of...
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    Year Ebd

    Your year end remains 30 Sept 16 unless you change your Accounting Reference Date (ARD) at Companies House and prepare accounts to your cessation date.

    HMRC should get automatic notification of...
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    Existing TIS Rules

    Significant changes are being made to the TIS provisions from 6 April 2016, but the existing provisions will continue for the remainder of this tax year.

    It has long since been accepted that a...
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    Why do you think they are changing the rules -...

    Why do you think they are changing the rules - THE OLD ONES DON'T WORK!
  30. Replies
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    Must have been all that rush of mvls before the...

    Must have been all that rush of mvls before the new rules come into force!
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    No because I am phoenixing it. new company for...

    No because I am phoenixing it. new company for new contracting project.
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    6 Months for MVL

    Doesnt have take this long, Liquidator I use did 90% of the funds in 4 weeks into personal bank account of the shareholders.

    I am sure MVL online do it quicker than 6 months for a just a cash rich...
  33. There you go again not understanding the tax...

    There you go again not understanding the tax rules.

    Broadband, phone contracts even school fees, holidays etc are all allowable for the company if the contract and invoice is made out to the...
  34. Broadband Allowable

    Of course broadband is allowable - just get the contract for the line & broadband in the company's name. Put a nominal amount if you wish on the p11d for private use at the end of the tax year.
    ...
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    The point of the sentence - he is not claiming ER...

    The point of the sentence - he is not claiming ER which is the flag HMRC will look for on any Tax Return submitted claimng the relief. Claiming ER post 6 April = increased risk if returning to...
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    its so small that it doesnt even need to be shown...

    its so small that it doesnt even need to be shown on a Tax Return - so how would HMRC even know he had received a capital distribution?

    So the risk is zero or close to zero as can be.

    Same risk...
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    I dont mean to be rude either - but really what...

    I dont mean to be rude either - but really what would you know.
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    What's ICAEW? is that some sort of International...

    What's ICAEW? is that some sort of International Coalition Against Enforced (contractor) Workers.

    Please send link so that to I can join
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    no a bit faster in the south from what I...

    no a bit faster in the south from what I understand
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    are we dealing with several hundred grand here!

    are we dealing with several hundred grand here!
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    Well not in the North anyway!

    Well not in the North anyway!
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    My Understanding

    Exactly its your undertstanding not law until the Finance Bill has been enacted and we know the full facts and how they will be applied. The new rules will apply where three conditions, called...
  43. Company Residence

    Will also need to consider whether your company becomes non UK resident if spending considerable time in Spain
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    Quickfile

    Don't think Quickfile will disappear at a moments notice. More likely to become a subscription based software like Xero, Freeagent & Clear Books.

    Was originally free for all but now free only for...
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    The £11K CGT allowance applies to each...

    The £11K CGT allowance applies to each shareholder so there will no need to claim ER with your wife as a shareholder.

    Will be no problem coming back to contracting as ER not claimed.
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    Stricking Off

    You do not need to liquidate - just go down the Stricking off Route.

    Striking off -Striking off is the process in which a solvent company is dissolved and struck off the Companies Register. It is...
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    Phoenixing

    The tightening up on claiming ER on liquidation primarlily centres around phoenixing where you close one company down and then start up another company in the same field within a short space of time....
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    I assume you have no problem becoming non UK...

    I assume you have no problem becoming non UK resident?

    From what I have read it seems that provided the contributions and benefits accrue whilst you are non UK resident then the cash lump sum...
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    Don't you have to be non UK resident when the...

    Don't you have to be non UK resident when the lump sum retirement benefit is paid?

    Have you checked all this out with your IFA?
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    Trivial Benefits

    Maybe exempt for P11D tax but still chargeable to Class1 Nic at the moment
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