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  1. Replies
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    11,293

    Agree with much of the above except that the...

    Agree with much of the above except that the optimum salary for 2013/14 is £641 per month. This assumes by optimum your aim is to keep the salary below the amount that NIC (employees & employers)...
  2. Replies
    12
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    2,167

    Hello, if you have not already made contact with...

    Hello, if you have not already made contact with us then please do and we can discuss the transfer process. We do this all the time so it is rarely a problem and we handle most of the process for...
  3. Replies
    39
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    4,447

    Even if your contract is caught by IR35 (I assume...

    Even if your contract is caught by IR35 (I assume that you have had it checked?) it is still financially beneficial to operate through a limited company, even though the savings are reduced.

    If...
  4. I would suggest you complete it. They are usually...

    I would suggest you complete it. They are usually about your turnover or how many staff you employ, so most can complete these themselves, although your accountant should cover these as part of their...
  5. Replies
    3
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    1,046

    The assets can be retained by you as part of the...

    The assets can be retained by you as part of the distribution of capital, in most cases the value is very small so they are unlikely to make any impact on the overall numbers.

    Your accountant can...
  6. The company will only pay corporation tax on the...

    The company will only pay corporation tax on the profit once. If a company retains profit and either uses this to pay an increased salary or dividend, the amount of corporation tax will not be...
  7. One note of caution, whilst it is quite simple to...

    One note of caution, whilst it is quite simple to actually transfer shares, there can be tax implications of doing so.

    Much of this will depend on the asset position of the company etc and I...
  8. Our experience is that many traditional bank...

    Our experience is that many traditional bank staff, in the regular high street branches, have often not come across the concept of contracting and what transactions are expected through the account....
  9. Dan, whilst I would agree that if a client is...

    Dan, whilst I would agree that if a client is happy with their bank, why move, I would say that of all the banks we have come across, Cater Allen is the only one who understands the contractor market.
  10. If a Cater Allen account is opened via ourselves...

    If a Cater Allen account is opened via ourselves the fee is waived, so there is no minimum balance required.

    Anyone with a HSBC account can contact us and we can set up a new account for you.
  11. Replies
    22
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    4,975

    Most accountants experienced with contractors...

    Most accountants experienced with contractors will calculate NIC using the directors cumulative method. This would avoid this problem. As has been mentioned, I am not aware of any reason why your...
  12. Assuming that the lease was for equipment that...

    Assuming that the lease was for equipment that you need for your business then the lease cost would reduce the profits and so the tax would be slightly lower.

    Using your example, if the...
  13. Replies
    12
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    2,003

    We would not be prepared to provide a tenancy,...

    We would not be prepared to provide a tenancy, mortgage or vas reference if we had not had sight of the company bank statements. Having said that I can only recall one occasion when a client refused...
  14. You should only worry about being investigated if...

    You should only worry about being investigated if you have something to hide!

    If you ask for, receive and follow good professional advice then any HMRC enquiry should be fine, with nothing to...
  15. If you are asking questions of this nature, I...

    If you are asking questions of this nature, I would strongly recommend that you speak to your accountant or seek advice from one who can see the full picture.

    I would be wary of giving advice to...
  16. The capital gain would need to be declared on the...

    The capital gain would need to be declared on the tax return for the year that it took place.

    So if the capital gain took place today, 25th April 2013, this is in the 2013/14 tax year, so the tax...
  17. Whilst it is unlikely that the Revenue will...

    Whilst it is unlikely that the Revenue will question this in great detail, as the sums are quite small, but I would define the last trading date as when you ceased trading, ie contracting through the...
  18. 1. You do not actually apply for Entrepreneur's...

    1. You do not actually apply for Entrepreneur's Relief, assuming that you qualify then you would claim it on the tax return. A quick look at your dates, I would guess that you do NOT qualify as you...
  19. Replies
    38
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    9,069

    A salary of £7,696 is the level at which no...

    A salary of £7,696 is the level at which no income tax nor any national insurance is payable.

    A salary of £7,748 will still exempt you from employees NIC but you would then start to pay employer's...
  20. Replies
    38
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    9,069

    There will be a marginal benefit of taking the...

    There will be a marginal benefit of taking the salary to the £10,000 PAYE threshold, although this marginal benefit will reduce further if you are a higher rate taxpayer.

    Of course under RTI (Real...
  21. Replies
    38
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    9,069

    My view is that it will not apply to most...

    My view is that it will not apply to most contractors due to the fact that they tend to pay a salary where no NIC (both employers and employees) is payable, hence there will be nothing to rebate!
  22. Replies
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    9,262

    Poll: Lisa, there is no legal difference between an...

    Lisa, there is no legal difference between an ordinary limited company and a 'one-man' limited company. So unless HMRC specifically exempt single person companies, which I doubt, I cannot see...
  23. Replies
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    9,069

    Not sure what in the article made you doubt? ...

    Not sure what in the article made you doubt?

    From the Budget papers:

    "1.19 National Insurance: £2,000 employment allowance – The Government will introduce an allowance of £2,000 per year for...
  24. This is unlikely to affect most contractors, as...

    This is unlikely to affect most contractors, as it applies to freelancers etc in senior positions such as directors etc.

    This came from the revelation that the boss of the Student Loans Company...
  25. Replies
    38
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    9,069

    The reason why you will not be better off is...

    The reason why you will not be better off is because you will still be liable to pay employees NIC.

    This will benefit people who already pay above the commonly suggested rate of £7,696 (2013/14)...
  26. Replies
    102
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    9,262

    Poll: From what I can see, it will apply to all...

    From what I can see, it will apply to all employers!
  27. Replies
    102
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    9,262

    Poll: Unlikely, the £2,000 is per employer, so a brolly...

    Unlikely, the £2,000 is per employer, so a brolly with a 1,000 contractors will only save £2 per client!
  28. Replies
    102
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    9,262

    Poll: Anyone paying a salary above the NIC threshold...

    Anyone paying a salary above the NIC threshold will benefit in that the employer NIC payable will effectively be refunded upto £2,000.

    This will only apply from April 2014.

    Although any tax cut...
  29. Replies
    7
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    1,777

    I thought this was interesting: "1.209 The...

    I thought this was interesting:

    "1.209 The misuse of the partnership rules has been a feature of many avoidance schemes closed down in recent years, and the Government announced on 5 December 2012...
  30. Replies
    11
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    2,481

    There was a post stating that my advice above was...

    There was a post stating that my advice above was incorrect, but it has disappeared!, however for the avoidance of doubt I have added the HMRC link confirming that my advice is correct.

    Employees...
  31. Replies
    11
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    2,481

    It also re-sets at the start of a new employment,...

    It also re-sets at the start of a new employment, so if you had been working through an umbrella and started your own company in he middle of the tax year, you can claim upto 10,000 miles at 45p...
  32. This can be a viable option but this is also why...

    This can be a viable option but this is also why this matter should be discussed with your accountant.

    Making plans for the future based on tax rules and rates that exist now, can have its risks....
  33. Replies
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    17,533

    The funds from winding up a company will be...

    The funds from winding up a company will be entered in the Capital Gains section of your tax return.

    HMRC can then query the entries and may seek more information on the proceeds etc.

    So, if...
  34. Can I ask why? The insolvency practitioner we...

    Can I ask why?

    The insolvency practitioner we suggest is completely independent from ourselves.

    The reason we have the option is that most clients prefer us to deal with them and sort out all...
  35. You do not legally need an accountant to prepare...

    You do not legally need an accountant to prepare the accounts and close the company for you, but reading your post, I would suggest that you do enagage one!

    Your accountant should be able to save...
  36. Replies
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    2,819

    The £4,250 'rent a room' allowance is available...

    The £4,250 'rent a room' allowance is available if you let a room in your home, this is not affected if you rent another property out.

    Alan
  37. Replies
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    7,207

    The employer can continue to pay whatever salary...

    The employer can continue to pay whatever salary it likes, provided that it is at least the levels set for SMP (basically 90% of average pay for 6 weeks and then the statutory rate for upto another...
  38. Replies
    17
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    2,819

    I would advise anybody who is considering this to...

    I would advise anybody who is considering this to take some advice before taking any action.

    Spliting the ownership of the home needs serious consideration, especially if the initial aim is to...
  39. Replies
    35
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    5,507

    Poll: It is confusing but the tax threshold for 2012/13...

    It is confusing but the tax threshold for 2012/13 is £8,105, (£9,440 for 2013/14) however in order to avoid paying NIC (both employers and employees) than the optimum salary to pay is £7,488 for...
  40. Replies
    42
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    7,207

    Yes, your accountant can sort this out quite...

    Yes, your accountant can sort this out quite easily, there is just a small form to complete.



    This would be fraud, but I am sure it happens!
  41. Replies
    17
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    2,819

    Although upto £4,250 per annum is tax free, you...

    Although upto £4,250 per annum is tax free, you will need to ensure that you declare the rental income on your tax return and then also claim the relief, so that you are not taxed on it.

    If the...
  42. Replies
    42
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    7,207

    SMP and SPP (Statutory Paternity Pay) is...

    SMP and SPP (Statutory Paternity Pay) is currently at the rate of £135.45 per week, this will increase to £136.78 from April 2013.

    SPP can be paid for one or two weeks and can only be taken in one...
  43. As has been mentioned, please note that the...

    As has been mentioned, please note that the £34,987 in Martin's example is the GROSS dividend amount, the net dividend (the amount declared and actually paid) would be £31,488
  44. Replies
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    6,118

    Dividends are paid with a 10% tax credit - so a...

    Dividends are paid with a 10% tax credit - so a £900 dividend has a £100 tax credit making a total gross dividend of £1000.

    To answer your point, effectively you could take £500 in a gross...
  45. Replies
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    3,154

    Generally, I would avoid paying rent or interest...

    Generally, I would avoid paying rent or interest whenever possible.

    Sometimes it cannot be avoided and each cases needs to be looked at, so buying a house with a mortgage is usually better than...
  46. Replies
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    1,204

    I know what you mean, but a debt the company owes...

    I know what you mean, but a debt the company owes to someone else is a creditor!

    The debt someone else OWES to the company, is a debtor.

    Alan
  47. Replies
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    6,118

    You only 'lose' the tax allowance on the salary,...

    You only 'lose' the tax allowance on the salary, however, assuming that you have other forms of income, probably dividends, then the unused tax allowance is taken account of here.

    This assumes...
  48. Replies
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    974

    Assuming that the NIC is calculated on a...

    Assuming that the NIC is calculated on a director's basis, ie cumulative, then you pay a 'bonus' and the tax and NIC should be nil, assuming that you are on a regular tax code!
  49. Replies
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    1,204

    It is a credit! The company effectively owes...

    It is a credit!

    The company effectively owes the shareholders the share capital sum.
  50. Replies
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    2,299

    If you are having a problem due to your...

    If you are having a problem due to your employment history, then it is likely that you may encounter a problem with a lease through your new company.

    Generally, I would advise against having a...
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