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  1. Replies
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    I have provided a few answers above. If you are...

    I have provided a few answers above. If you are striking off the company with up to £25K distributions and the shareholders make use of the capital distribution treatment, the TAAR will not apply so...
  2. Replies
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    4,362

    Alternatively, if the amounts are over 25K, the...

    Alternatively, if the amounts are over 25K, the company can be kept alive for several years, to pay out distributable reserves within the shareholders basic rate bands over that time as to benefit...
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    In order that the Anti-phonenix rules to apply,...

    In order that the Anti-phonenix rules to apply, it needs to proved that winding-up was driven mainly by the avoidance of income tax and it applies to any liquidation distribution. The ER is a relief...
  4. Replies
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    4,362

    ER is a relief applied to the capital...

    ER is a relief applied to the capital distribution so it is covered by TAAR on the winding up. The confusion caused by a few contractor accountants (even on this forum) is misleading contractors to...
  5. If you are not a UK tax resident, you will need...

    If you are not a UK tax resident, you will need to comply with the tax rules in the country you live in. However, you might have to learn a foreign language which might be expensive:wink
  6. The VAT refund cannot surely be income, so it...

    The VAT refund cannot surely be income, so it will be wrong to account for the VAT refund in your P&L. You should contact HMRC, you can do this via the online VAT online chat and ask for more details...
  7. Replies
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    4,362

    If you close your company via a voluntary strike...

    If you close your company via a voluntary strike off, you are not restricted to open a new company straight away if you claimed the capitals gains allowance for retained profit capped at £25,000...
  8. Sticky: If you engage an accountant regulated by a...

    If you engage an accountant regulated by a professional body such as ACCA or ACA, they will follow the process to obtain a professional clearance from the old accountant. Clearsky website indicates...
  9. If you have claimed AIA on the electric car in an...

    If you have claimed AIA on the electric car in an earlier, there will be a balancing charge in your final set of accounts. The remaining HP liability will need to be transferred to you personally so...
  10. The UK company is subject to tax in the country...

    The UK company is subject to tax in the country where the directors are based and control the business from. It is not relevant where the clients are based. Therefore, if the director is a tax...
  11. It seems like the accountant has made the...

    It seems like the accountant has made the decision on your behalf to go MVL. However, MVL is not an automatic process if you are over £25K in retained profit...you might be better off to take out...
  12. Replies
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    1,221

    The risk would be that you might overpay (or...

    The risk would be that you might overpay (or underpay) tax if you don't use an accountant. For example, if you don't run a payroll or declare a salary at the LEL NIC level when a payroll scheme has...
  13. Replies
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    If you are based in Spain then the UK LTD company...

    If you are based in Spain then the UK LTD company will ordinarily not be a tax resident in the UK if you will be the sole director controlling the company from Spain. HMRC however will not object...
  14. If you did not have a payroll scheme in operation...

    If you did not have a payroll scheme in operation and you did not declare any salary by the 19th March, then unfortunately you will not be eligible to make a claim. The scheme does not allow claims...
  15. Would this include MVL assistance where your...

    Would this include MVL assistance where your accountant might be required to liaise with liquidator? Otherwise, it does seem high if the fee is to just cover closedown of the payroll scheme, VAT...
  16. Replies
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    1,860

    FreeAgent doesn't support Purchase Orders

    I have recently raised this query with FreeAgent to find out if they plan to develop PO addition any time soon and I was advised the below:

    FreeAgent doesn't support purchase orders and there's no...
  17. Replies
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    744

    It will ordinarily depend on the use of the...

    It will ordinarily depend on the use of the assets whilst the company is dormant. If for example the company has purchased a computer shortly before it ceased to trade, where a relief was claimed for...
  18. Replies
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    You should consider the HMRC employment status...

    You should consider the HMRC employment status checks to find out if the person should be classed as employed or self-employed. If employment status does apply, a zero hour contract can suffice your...
  19. If the company ceases to make taxable supplies...

    If the company ceases to make taxable supplies and closes the business totally, then the VAT de-registration must be cancelled within 30 days. If the company has ceased making taxable supplies...
  20. You can post the originals to your accountant to...

    You can post the originals to your accountant to certify (if the accountant is chartered/certified).
  21. Replies
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    This sounds like you had to be in touch with just...

    This sounds like you had to be in touch with just this one person, have you managed to speak to a manager or a director?
  22. From 6 April 2020, you can claim £6 a week. ...

    From 6 April 2020, you can claim £6 a week.

    You can claim a proportion of your utility bills which are not fixed. Rent and mortgage payments are never allowable as you would still have to live...
  23. Thanks, I have just noticed my comment has been...

    Thanks, I have just noticed my comment has been posted multiple times for some reason, I have now deleted the duplicate posts.
  24. I can recommend for MVLs contacting Meeta Bhatti...

    I can recommend for MVLs contacting Meeta Bhatti from SFP Group, they do specialise in MVLs for contractors: Our Team - SFP Corporate Solutions
  25. Capital Gains Tax (CGT) is due on a disposal of...

    Capital Gains Tax (CGT) is due on a disposal of qualifying business assets - i.e the liability will arise in the tax year when the qualifying business assets are disposed of. It is not possible to...
  26. Replies
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    Can you provide a clarification on the nature of...

    Can you provide a clarification on the nature of this expense?
  27. Replies
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    1,568

    We recommend to all our clients in addition to...

    We recommend to all our clients in addition to our IR35 assessment to take out an IR35 insurance because of the opinion-based nature of the legislation. HMRC can always disagree with the assessment...
  28. Replies
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    1,556

    NatWest have also recently launched a new digital...

    NatWest have also recently launched a new digital bank account called Mettle which is free and will also give access to FreeAgent.
  29. Replies
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    3,053

    If you will be applying for a voluntary strike...

    If you will be applying for a voluntary strike off and your final distribution is below £25K, the amount distributed will be assessed as a capital distribution. This treatment is automatic and there...
  30. Replies
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    If I can just clarify to the above that The...

    If I can just clarify to the above that The Targeted Anti-Abuse Rule introduced from 6 April 2016 in order to combat 'phoenixing' (the practice of closing one company and starting a new one...
  31. Replies
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    We recommend £791 salary to our clients with 1...

    We recommend £791 salary to our clients with 1 director on the payroll for 2020/21. It is most tax efficient and yes it will require a small payment of Employer's NIC after the end of the tax year.
  32. You have 9 months and 1 day to pay the...

    You have 9 months and 1 day to pay the corporation tax so if you are not close to the due date, would they then hold on transferring your records to the new accountant until then. This is not a valid...
  33. Replies
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    If you were blanket assessed and your engagement...

    If you were blanket assessed and your engagement is outside IR35, you can speak to your accountant to review your personal circumstances and advise you on the risks to do this with your current...
  34. Replies
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    Accountants can advise on the most common...

    Accountants can advise on the most common allowable business expenses as a general guidance which we offer to all our clients at the start of our engagement and through regular updates to ensure...
  35. Replies
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    If the retained profit is £34K at the strike off,...

    If the retained profit is £34K at the strike off, then the full amount is taxed as dividends. The £25K cap applies only on the final distribution in "anticipation of dissolution". If you have £34K,...
  36. The end client will likely have an insurance in...

    The end client will likely have an insurance in place in case that HMRC disagreed with their determination. The IR35 court cases history has a mixed outcome with cases won by HMRC and the Contractor,...
  37. If your client is a small company, your PSC will...

    If your client is a small company, your PSC will still be responsible to determine your status. You should enquire on the size of your client. The new rules will require only medium and large...
  38. You could still hire a specialist contractor...

    You could still hire a specialist contractor accountant below this fee to also include FreeAgent. I suspect the £150/month was not including access to cloud software so a monthly fee in the region of...
  39. Replies
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    If you sign up for a monthly accounting package...

    If you sign up for a monthly accounting package with a contractor accountant, the FreeAgent account is offered as part of the monthly accounting fee so you will have a saving overall. Accountants...
  40. Replies
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    Do you refer to Dynamo Accounts, they are...

    Do you refer to Dynamo Accounts, they are FreeAgent partners so unlikely that they cannot support MTD.
  41. Replies
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    You may wish to look at this software (it has...

    You may wish to look at this software (it has been developed by a forum member) and it works well, we have tried the software: XLVAT | MTD VAT filer for Excel... and anything else that can export an...
  42. Replies
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    We set up our clients with 1st Formations for an...

    We set up our clients with 1st Formations for an additional fee of £5 plus VAT per month, you will receive forwarded scanned copies of letters received at the address. You can also purchase the...
  43. Replies
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    £45pm for payroll feels expensive. You should not...

    £45pm for payroll feels expensive. You should not pay more than £10 pm for 1 employee on the payroll, and additional employees are charged normally at the higher end at £5pm.
  44. Replies
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    A member of this forum has developed software for...

    A member of this forum has developed software for MTD: XLVAT | MTD VAT filer for Excel... and anything else that can export an Excel file
  45. Replies
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    The above conversation would have had a small...

    The above conversation would have had a small degree of relevance only if your company was dormant and you were to buy the PC during a year where you want to keep the company dormant. You could have...
  46. Replies
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    We partner with 1st formations and find them to...

    We partner with 1st formations and find them to offer excellent service. Post is forwarded as soon as it arrives. We worked with another provider before but post would get 'lost' on occasions or...
  47. The records for an accounting period are to be...

    The records for an accounting period are to be kept for six years from the end of that period, and typical records include evidence of money received and spent by the company, such as receipts,...
  48. In practice, husband and wife would share...

    In practice, husband and wife would share ordinary shares (carrying full rights). Therefore, in order to confirm again what I have said in my original post with the addition of what you have...
  49. If the ER relief has been claimed without...

    If the ER relief has been claimed without satisfying the qualifying conditions by many or without receiving advice if the relief was available, this would not make it more allowable to all that have...
  50. The Settlements legislation (also known as income...

    The Settlements legislation (also known as income shifting) does not apply to spouses, this is covered in section 626 of the Income Tax (Trading and Other Income) Act.

    The comment above regarding...
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