Search:

The type of shares inform you what rights you have. If you don't have ordinary shares with 'rights to capital on a winding up' I can't see how you can pay out a capital distribution.

I agree with...

To be perfectly honest you won't find someone who will deal with this CHEAPLY. As an accountant, the hassle involved in taking you on, completing anti-money laundering checks, having HMRC 64-8's...

There may be something you can do, without cost, if it is an English registered company - is this the case?

No, they cannot.

Before you even get to the stage you are considering, you need to advise us of the reason you closed down your company and went through an MVL?

Is it because your current way of working is no...

Just be careful on dates, dividends will still be taxable in the UK in a split year, so you need to make sure you declare them in a year you are fully non-resident in the UK.

After you have done that I hope you are unable to find another accountant to help you finalise your affairs. What's your company name so I can avoid it?

Correct

Paystream doing IR35 determinations? Oh dear...

If the accountant has done things correctly, the amount of the train ticket relating to the period after the set of accounts being prepared will be regarded as a prepayment so tax relief would not...

Thanks for replying to that Maslins and for backing me up :D

Pretty sure you can't just declare dividends to get assets below £25k then use a capital distribution.

If you want your accountant to be regulated, pick one that is ICAS/ICAEW or ACCA. Then they are regulated.

Job done.

1. Bit concerned if this was a single loan withdrawal and then 'classed as separate things' I never like that and always advise my clients against it. That being said, what is done is done. Looks...

I'll crack the jokes :rollin:

Exactly. I wonder if these 'accountants' would have the same problem if it was a large bonus being paid rather than a pension contribution. Of course they wouldn't - which proves they don't know...

Your accountant needs to rethink things then. Heard this absolute nonsense a few times.

Really hate when people say 'PS' as if it couldn't mean public sector or private sector :mad:

I think you should look it up! :whoosh:

The fee payer is responsible for deducting the tax and nic so the end client won't care.

Please advise WHY you closed the company so we can help further.

It isn't as simple as saying - oh you closed down via MVL, no more contracting for 2 years.

1. If deemed inside, the agency will deduct PAYE/NICs and pay your limited company net of these
2. You would still charge VAT, but you won't have any profits to pay CT on, nor will you have any...

Haha yeah sounds great, pay the £120 a month for 3-months, get up to speed, pay nothing for next 9-12 months, re-subscribe, pay another £120 and get them to do your annual accounts and company tax,...

Please elaborate

The TAAR only applies to liquidations, if you close down with < £25k you are not liquidating the company, hence the TAAR doesn't apply.

You will find it in the legislation, I am not going to try...

Unbelievably relaxed attitude to breaking the law and backdating a dividend 8 months after the event.

And yet you will moan that off-payroll is ruining things for you :grin

Surely you should only borrow what you can afford under your new salary?

Also, how will you answer the question 'do you expect any changes to your income in the near future?'

Wow - Patrick must be loving this thread :laugh

You also don't need to worry about it if you take the < £25k as a capital distribution.

Dunno why you would worry about getting reserves down to less than £25k if you are just going to take...

Agreed, you will get ER on all of the share disposals.

No you can be a director whenever you like.

This is 100% not true.

Your first part is exactly what I was getting at. If the loan wasn't used for a business purpose then the loan interest is not deductible.

You can, however, use the savings allowance against any...

Will the company save the CT though? Does the loan interest qualify for CT relief? What will the company do with the funds you give to it ?

More questions than answers at this stage for me.

You need to do the sums.

You have 3,000 miles x 45p = £1,350.

Now take all costs relating to the car, and claim 20% of these and then compare to the figure of £1,350.

Don't forget to claim...

If that is the plan, I don't see it getting off the ground unfortunately.

After that you will only need them for personal tax.

They won't provide you with their working papers.

How are you planning on getting end clients to look at this though? I mean it looks as though banks have already made their mind up?

Haha yeah exactly - but it only takes half an hour so £50 is fine! Aye ok.

Sorry anyone who takes £50 for a tax return fee will not be providing 'experienced advice' - they will simply be plugging figures in boxes the same as you could have done yourself.

No one will...

Absolutely ridiculous fee. Either they have the most junior staff doing this who don't have a clue or they are going to go bust soon.

Wouldn't touch even the most simplest of Tax Returns for that...

I can't see what the problem is with a transfer of shares as long as the new ratio only applies to future dividends and you are not backdating anything.

*craigy1874 reads thread, finds Maslin's perfect reply and again is confused as to why the OP still isn't understanding...

If you expect to pay tax as a dividend, why is the title of your thread 'MVL Question'?

I am now very confused.

You worried about your business Patrick? Can't see many contractors being left in play come April 20 :(

What makes you think you will get capital treatment via an MVL if you have already or will open another company to continue contracting?

The TAAR will make the distribution taxed as a dividend, so...

Good plan but with agencies only dealing with umbrella companies on their 'preferred supplier list' have you managed to get your umbrella solution on these?

Could they be timing the removal of ER to coincide with thousands of PSCs closing down their companies?

I think so!

Agreed.

If your accountant is advising you dividends are taxable when received by a company, I would recommend you get another accountant - that's basic stuff.

This works well. But there is no need to charge interest and it is tax neutral so I wouldn't bother.