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  1. Sticky: The new accountant should be able to handle this...

    The new accountant should be able to handle this for you, and make the process relatively straightforward. I'd suggest speaking to whichever accountant you plan on going with and they should be able...
  2. Sticky: Do you mean client, rather than employer?

    Do you mean client, rather than employer?
  3. Sticky: I'd think all accountants will use email as a...

    I'd think all accountants will use email as a means of communication for certain things, as some things are better put in writing. However, if you would rather speak on the phone as the primary...
  4. There are other accountants who aren't displayed...

    There are other accountants who aren't displayed on the list that have a reasonable history with readers of this forum...
  5. Even the cheapest of accountants should be able...

    Even the cheapest of accountants should be able to tell you that turnover and profit are not the same thing. It might be a good idea to put some more time in to it...
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    Losses can only be offset against profits from...

    Losses can only be offset against profits from the same activity - you cannot offset capital losses (from investments) against profits from your trade, they could only be offset against other capital...
  7. Your frustration with NW seems to go back well...

    Your frustration with NW seems to go back well over a year going by your earlier posts on this thread - perhaps now is the time to have a look at what else is available?
  8. NLUK has already mentioned the site, but there is...

    NLUK has already mentioned the site, but there is a good table here:

    3 Aug 2001 12 Sep 2001 Battersby v Campbell HMRC
    01 Dec 2001 22 Jan 2002 F S Consulting Limited vs McCaul HMRC
    01 Oct 2002 01...
  9. If you are planning on introducing an asset into...

    If you are planning on introducing an asset into the company that has been used elsewhere previously (e.g. owned personally), you should use the market value of the asset and the purchase would not...
  10. It used to be slightly more tax efficient...

    It used to be slightly more tax efficient (subject to a couple of assumptions) to make gift aid donations personally - this was to do with how the basic rate band extension worked along with the...
  11. Replies
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    If you pay monthly, then the accounts to December...

    If you pay monthly, then the accounts to December 2018 should have already been paid for, so there's no point in asking somebody else to look at them (else you'd be paying twice) - if however you pay...
  12. Replies
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    I work with both FreeAgent and Xero, and whilst...

    I work with both FreeAgent and Xero, and whilst Xero is great for SMEs, FreeAgent beats it hands down for contractors. The interface with FreeAgent is far easier to use and it will provide you with...
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    Net current assets are your current assets less...

    Net current assets are your current assets less your current liabilities, so based on these figures it would be negative - so too would be total assets less current liabilities. I'd suggest that you...
  14. Sticky: It seems that the issue you have with your...

    It seems that the issue you have with your current accountant is the experience/qualification of the staff that they assign to you - are you satisfied that the next firm you use will solve that...
  15. Replies
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    If the letter that you have is the same as the...

    If the letter that you have is the same as the one I'm thinking (titled 'Paying PAYE electronically') then, to have received this letter, you must have registered for PAYE at some point in the past...
  16. Replies
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    Yes it will be recorded in the accounts as a...

    Yes it will be recorded in the accounts as a director's loan, but from a benefit in kind perspective HMRC will not be interested in it unless it went over £10k at any point (not limited to the year...
  17. Replies
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    You are correct in that if the loan is below £10k...

    You are correct in that if the loan is below £10k then it would be below the de minimis limit to be treated as a benefit in kind.

    However, the bit that NLUK is correct to pull you up on, is that...
  18. Replies
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    The capital element of the loan repayment would...

    The capital element of the loan repayment would not be considered income, but any interest paid to the company would be considered income and taxed accordingly.
  19. Replies
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    This is not correct - the dividends should be...

    This is not correct - the dividends should be distributed in accordance with the shareholding at the time the dividend is declared.
  20. Replies
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    To add to the points made already, and clear up...

    To add to the points made already, and clear up some common misconceptions that I have heard over the years from clients (for the benefit of other readers of this forum), about investing surplus cash...
  21. Is the course to update or enhance an existing...

    Is the course to update or enhance an existing skill? If so, it can be deducted as a trading expense of the business.
  22. What you are suggesting - gifting shares to your...

    What you are suggesting - gifting shares to your wife (subject to a few caveats), will usually reduce the overall amount of tax that you pay. The maths isn't quite right so I'd suggest running the...
  23. Sticky: There are plenty of accountants that contribute...

    There are plenty of accountants that contribute to this forum that could help you with this...
  24. Replies
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    One of the other accountants that has posted on...

    One of the other accountants that has posted on here suggested bridging software for this - that would certainly cheaper than a full bookkeeping software, and would allow you to continue as you are...
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    Yes, you get a free subscription with both RBS...

    Yes, you get a free subscription with both RBS and Natwest (same ownership).

    As NLUK suggests, a lot of accountants will include it in their package, and, as has already been proven in this...
  26. Sorry to be pedantic here...but what you ...

    Sorry to be pedantic here...but what you actually need to do is divide it out by 1 minus the rate of tax (expressed as a decimal) - I'm sure there will be a proper mathematical term for this..
    ...
  27. Replies
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    You will need to write to HMRC and ask to leave...

    You will need to write to HMRC and ask to leave the Flat Rate Scheme – their guidance on leaving the scheme can be found at section 12.1 here
  28. Replies
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    Yes, the OP will need to go back and adjust any...

    Yes, the OP will need to go back and adjust any returns that have been completed since 1st April 2017 to ensure that the correct amount of VAT has been paid under the LCT rules.

    I would also...
  29. Replies
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    Correct - assuming that by VAT receipts, you mean...

    Correct - assuming that by VAT receipts, you mean the total amount of VAT on the receipt and not the total amount from the receipt.

    In most cases you are better off not using the FRS past year 1...
  30. Unsure if you know the full history, but the...

    Unsure if you know the full history, but the original owners of Nixon Williams sold the business in 2014 to a private equity firm (I worked for them between June 2008 and December 2016). From clients...
  31. Lets say your first self assessment liability is...

    Lets say your first self assessment liability is for 2017/18 and the liability is £10k.

    On 31st January 2019 you will pay the £10k liability (as you would expect) for 2017/18 plus a £5k payment...
  32. You will taxed on your total income for the tax...

    You will taxed on your total income for the tax year via self-assessment, which in this case (assuming no other income form other sources) will be made up of your salary (£30k) and dividends (£100k)...
  33. I dare say that any of the accountants that...

    I dare say that any of the accountants that contribute to these forums would be more than happy to have a look at this for you.

    Perhaps give a couple of them a call, and see what they can offer.
  34. The link that you have provided gives a good a...

    The link that you have provided gives a good a summary about pros and cons of preparing accounts on a cash basis, if the option is available to you (i.e. you are not an incorporated business). If you...
  35. For your actual accounts (and therefore...

    For your actual accounts (and therefore Corporation Tax), your accounts must be prepared on an accruals basis - you have no choice.

    If you are talking about VAT - the cash accounting scheme...
  36. Replies
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    In order to qualify for the FRS and not be a...

    In order to qualify for the FRS and not be a limited cost trader, the amount spend on relevant goods (see point 4.6 here) needs to exceed the higher of 2% of turnover or £250 per quarter. If it...
  37. Replies
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    The short answer is that it depends on your...

    The short answer is that it depends on your circumstances.

    Your accountant should be able to run through with you based on their knowledge of your situation, considering (amongst other things): ...
  38. Replies
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    I agree that there is a range of rates/hours that...

    I agree that there is a range of rates/hours that could be appropriate for the nature of work undertaken - I would consider the 'market rate' to be somewhere within that range (placement within this...
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    I'm uncertain of your position is on this Craig,...

    I'm uncertain of your position is on this Craig, perhaps you could provide some clarity, for the benefit of other CUK readers?



    Are you suggesting that an admin level salary/minimum wage would...
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    If a client has a family member who is genuinely...

    If a client has a family member who is genuinely working in their business, and is being paid a salary at a market rate for the time spent, then I would not see a problem with it. If salary is being...
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    As with claiming a tax deduction for any business...

    As with claiming a tax deduction for any business expense, a salary must be paid on a commercial basis, wholly and exclusively for the purpose of business. It follows that if you employ a family...
  42. Replies
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    It is not the case that you can simply take £150...

    It is not the case that you can simply take £150 cash out of the company - it is a tax free exemption rather than an allowance therefore you will need evidence of the expenditure in the form of a...
  43. The form is not called a declaration of...

    The form is not called a declaration of compliance (as would otherwise be completed), however the company should make a declaration to the pension regulator that they are not an employer - it may be...
  44. Your accountant is right, in that to set up an...

    Your accountant is right, in that to set up an employer pension scheme there is likely to be fees etc. If you are the sole director of the company, you do not have any duties under auto-enrolment,...
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    IR35

    IR35 applies if, in the absence of the intermediary (limited company), you would be an employee rather than self-employed. In determining this we use a case law precedent (Ready Mixed Concrete 1968)...
  46. That is correct – however, HMRC and the employees...

    That is correct – however, HMRC and the employees of the umbrella are two separate parties with the employees being classed as preferential creditors at the moment.
  47. Being an employee makes you a preferential...

    Being an employee makes you a preferential creditor - that puts you above shareholders and unsecured creditors, but below secured creditors in the pecking order.
  48. You simply need to be a member of a pension...

    You simply need to be a member of a pension scheme for the year that you wish to utilise the allowances - it does not need to be the scheme that you are contributing to. Therefore, being a member of...
  49. Your plan is not in any way unusual - provided...

    Your plan is not in any way unusual - provided you are married and living together then there are no issues with your spouse holding shares in the company. There is a case law precedent set around...
  50. When the transfer is accountant to accountant,...

    When the transfer is accountant to accountant, the new accountant simply sends a request to FreeAgent's support to move the client from the old accountant's dashboard to their own and they shift it...
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